The lender has an option that allows semimonthly payments. Under this option, the lender would charge a 3% APR, but compound it twenty-four times a year. Each payment would be one-half of the monthly payment ($1,226.27) and would be electronically taken from the borrowers checking account and applied to the mortgage on the fifteenth and last day of each month.

a. The amount of interest she can deduct on her 2021 income tax return (February through December -- twenty-two payments would be made); and

b. How long it would take to pay the mortgage off completely with semimonthly payments.