How long will it take to pay off the mortgage

Reference no: EM133492037

Question: Oppenheimer Bank is offering a 30?-year mortgage with an APR of 5.25% based on monthly compounding. With this? mortgage, your monthly payments would be $2,000 per month. In? addition, Oppenheimer Bank offers you the following? deal: Instead of making the monthly payment of $2,000 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?

Reference no: EM133492037

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