Pay off the mortgage, How long will it take to pay off the

Pay off the mortgage

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Reference no: EM13971780

You decide to take a 30-year mortgage of $160,000 offered by Oppenheimer Bank. Instead of making the monthly payment of $824.98 every month, you can make half the payment every two weeks (so that you will make 52 Af· 2 = 26 payments a year). How long will it take to pay off the mortgage if the EAR on the loan is 4.75%? (Note: Be careful not to round any intermediate steps less than six decimals places.)

The amount of time to pay off the loan is _____ weeks. (Round to the nearest integer.)

Reference no: EM13971780

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