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How long will it take to pay off the mortgage

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Reference no: EM133116926

Oppenheimer Bank is offering a 30-year mortgage with an APR of 5.07% based on monthly compounding. With this mortgage your monthly payments would be $2,050 per month. In addition, Oppenheimer Bank offers you the following deal: Instead of making the monthly payment of $2,050 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? Note: Make sure to round all intermediate calculations to at least 8 decimal places.

Reference no: EM133116926

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