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You want to pay off your mortgage on something called an accelerated bi-weekly payment plan. You have a mortgage of $500,000 amortized over 25 years
You want to pay off your mortgage on something called an accelerated bi-weekly payment plan. You have a mortgage of $500,000 amortized over 25 years at a rate of 3.5 percent APR compounded semi-annually.
a,What would the regular bi-weekly payment be?
b. What would the accelerated bi-weekly payment be?
c. How much quicker would you pay off the mortgage payment?
d. How much interest would you save by doing the accelerated bi-weekly payment?
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