Answered step by step
Verified Expert Solution
Question
1 Approved Answer
You want to pay off your mortgage on something called an accelerated bi-weekly payment plan. You have a a mortgage of $600,000 amortized over 35
You want to pay off your mortgage on something called an accelerated bi-weekly payment plan. You have a a mortgage of $600,000 amortized over 35 years at a rate of 4.5 percent APR compound semi-annually (assume 52 weeks a year)
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? (in years)
D. How much interest would you save by doing the accelerated bi-weekly payment?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started