Time needed to pay off the traditional mortgage

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Every two weeks a mortgage payment is made that is exactly one half of the traditional monthly mortgage payment. The APR is 6.1 on a $35,000,000 30 year note. How long would it take to pay off the smart loan? Why is this shorter than the time needed to pay off the traditional mortgage? How much Interest would the company save? Please show any functions used or excel shortcuts

Reference no: EM131057644

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