You buy a house for $450,000 and make a 20% down payment. You finance with a 30-year fixed rate mortgage at 4.75% annual interest compounded daily.

Let M be the monthly payment for a 30-year mortgage at r annual interest rate compounded daily. Your employer pays on a bi-weekly schedule, so you want to make a mortgage payment every two weeks. How many years sooner can you finish paying off your mortgage than if you were to pay only once per month?

r = 4.75% principle = $450,000 down payment = 20%

Hh ast with 30- year fiemre at 9.75% annw/interest companld dal ate wo Fstetsmonty Pyme pymen 340 366 30 R 360 whast