Fill This Form To Receive Instant Help

Help in Homework
trustpilot ratings
google ratings


Homework answers / question archive / You decide to take a 30-year mortgage of $160,000 offered by the Bank of Montreal

You decide to take a 30-year mortgage of $160,000 offered by the Bank of Montreal

Finance

You decide to take a 30-year mortgage of $160,000 offered by the Bank of Montreal. Instead of making the monthly payment of $918.91 every month, you can make half the payment every two weeks (so that you will make 52 ÷ 2 = 26 payments a year). How long will it take to pay off the mortgage if the EAR on the loan is 5.75%? (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.) 
 

Option 1

Low Cost Option
Download this past answer in few clicks

2.94 USD

PURCHASE SOLUTION

Already member?


Option 2

Custom new solution created by our subject matter experts

GET A QUOTE

rated 5 stars

Purchased 8 times

Completion Status 100%

Sitejabber (5.0)

BBC (5.0)

Trustpilot (4.8)

Google (5.0)