Question content area top

Part $1$

Oppenheimer Bank is offering a $30-$year mortgage with an APR of $5\mathrm{.}17\%$ based on monthly compounding. With this$$ mortgage, your monthly payments would be $ $1$ comma $996$ per month. In$$ addition, Oppenheimer Bank offers you the following$$ deal: Instead of making the monthly payment of $ $1$ comma $996$ every$$ month, you can make half the payment every two weeks$($so that you will make $52$ divided by $2$ equals $26$ payments per$$ year$).$ With this$$ plan, how long will it take to pay off the mortgage if the EAR of the loan is$$ unchanged? Note$$: Make sure to round all intermediate calculations to at least $8$ decimal places.

Question content area bottom

Part $1$

The number of payments will be

$$

enter your response here$,$ which is approximately

$$

enter your response here years.$($Round to two decimal places and enter the years rounded to the nearest whole$$ number.$)$