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You decide to take a 30-year mortgage of $100,000 offered by the Bank of Montreal. Instead of making the monthly payment of $589.37 every month,
You decide to take a 30-year mortgage of $100,000 offered by the Bank of Montreal. Instead of making the monthly payment of $589.37 every month, you can make half the payment every two weeks (so that you will make 52 2- 26 payments a year). How long will it take to pay off the mortgage if the EAR on the loan is 6.00%? (Note: Be careful not to round any intermediate steps less than six decimal places.) The amount of time to pay off the loan is weeks. (Round to the nearest integer)
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