You want to pay off your mortgage on something called an accelerated bi-weekly payment plan. You have a mortgage of $480,000 amortized over 16 years at a rate of 2.5 percent APR compounded semi-annually. (Assume 52 weeks a year.)

a. What would the regular bi-weekly payment be? (Do not round your intermediate calculations. Round your answer to 2 decimal places. Omit the "$" sign in your response.)

Regular bi-weekly payment $

b. What would the accelerated bi-weekly payment be? (Do not round your intermediate calculations. Round your answer to 2 decimal places. Omit the "$" sign in your response.)

Accelerated bi-weekly payment $

c. How much quicker would you pay off the mortgage payment? (Round your answer to 3 decimal places.)

Pay off period years

d. How much interest would you save by doing the accelerated bi-weekly payment? (Do not round your intermediate calculations. Round your answer to 2 decimal places. Omit the "$" sign in your response.)

Savings in interest payment