• You are arranging a $350,000 Canadian mortgage with a 25-year amortization period and a 7 percent posted interest rate. What is the monthly mortgage payment? Suppose the bank offers you the opportunity to pay your monthly payments in two equal installments (pay on-half of the monthly payment every two weeks). How much faster will you pay off your mortgage this way?
• A.2.5 years
• B.5.5 years
• C.None; as they will be the same time period
• D.10 years
• E.4.5 years