How long will it take to pay off the mortgage

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You decide to take a 30 year mortgage of $150,000 offered by the bank of Montreal. Instead of making the monthly payment of $957.68 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 6.80%?

Reference no: EM13987963

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How long will it take to pay off the mortgage : You decide to take a 30 year mortgage of $150,000 offered by the bank of Montreal. Instead of making the monthly payment of $957.68 every month, you can make half the payment every two weeks ( so that you will make 52/2=26 payments a year). How long ..

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