How long will it take to pay off the mortgage

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Reference no: EM131998146

Oppenheimer Bank is offering a 30?-year mortgage with an APR of 4.8% based on monthly compounding. With this mortgage your monthly payments would be $2,046 per month. In? addition, Oppenheimer Bank offers you the following? deal: Instead of making the monthly payment of $2,046 every? month, you can make half the payment every two weeks? (so that you will make 52/2=26 payments per? year). With this? plan, how long will it take to pay off the mortgage if the EAR of the loan is? unchanged?

The number of payments will be (blank)?, which is approximately (blank) years. ?(Round to two decimal places and enter the years rounded to the nearest whole? number.)

Reference no: EM131998146

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