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Score: 0 of 1 pt 4 of 4 (3 complete) HW Score: 75%, 3 of 4 pts P 5-27 (similar to) : Question Help 0

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Score: 0 of 1 pt 4 of 4 (3 complete) HW Score: 75%, 3 of 4 pts P 5-27 (similar to) : Question Help 0 Oppenheimer Bank is offering a 30-year mortgage with an APR of 4.83% based on monthly compounding. With this mortgage your monthly payments would be $2,002 per month. In addition, Oppenheimer Bank offers you the following deal: Instead of making the monthly payment of $2,002 every month, you can make half the payment every two weeks (so that you will make 52/2 = 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. The number of payments will be , which is approximately years. (Round to two decimal places and enter the years rounded to the nearest whole number.)

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