**
Fill This Form To Receive Instant Help**

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. 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.)

Already member? Sign In

Purchased 8 times