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You take an offer for a 3 0 - year mortgage of $ 1 6 0 , 0 0 0 . The Bank of Montreal

You take an offer for a 30-year mortgage of $160,000. The Bank of Montreal offers you the
following deal: instead of making the monthly payment of $991.82 every month, you can make half the
payment every two weeks (so that you will make 522=26 payments a year). How long will it take to
pay off the mortgage if the EAR on the loan is 6.50%?(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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