How long will it take to pay off the mortgage

Reference no: EM132175482

Question - Oppenheimer Bank is offering a 30-year mortgage with an APR of 5.01 % based on monthly compounding. With this mortgage your monthly payments would be $ 2 comma 036 per month. In addition, Oppenheimer Bank offers you the following deal: Instead of making the monthly payment of $ 2 comma 036 every month, you can make half the payment every two weeks (so that you will make 52 divided by 2 equals 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?

Reference no: EM132175482

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