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What is the difference in the cost of financing

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Question - Professor Elmtwig makes a monthly payment of $1600 on his mortgage. The original term of the mortgage is for 35 years at 8.75% interest compounded semi-annually. His lender suggests that if he makes bi-weekly payments of $800, it will reduce how long it will take to pay off the mortgage. What is the difference in the cost of financing between making monthly and bi-weekly payments?

Reference no: EM133164626

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