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You decide to take a30-year mortgage of $ 130 comma 000 $130,000 offered by the Bank of Montreal. Instead of making the monthly payment of
You decide to take a30-year mortgage of $ 130 comma 000
$130,000 offered by the Bank of Montreal. Instead of making the monthly payment of $ 785.93
$785.93 everymonth, you can make half the payment every two weeks(so that you will make 52 divided by 2 equals 26
522=26 payments ayear). How long will it take to pay off the mortgage if the EAR on the loan is 6.25 %
6.25%? (Note: Be careful not to round any intermediate steps less than six decimalplaces.)
The amount of time to pay off the loan is
nothing
weeks.(Round to the nearestinteger.)
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