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What would be the maturity period

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Reference no: EM133066214

Problem - A borrower is making a choice between a mortgage with monthly payments  biweekly payments. The loan will be $200,000 at 6 percent interest for 20 years.

a. What would be the maturity period if payments are bi-weekly? How much will the borrower pay in total under each payment option? Which choice would be less costly to the borrower?

b. Assume that the bi-weekly loan was available for 5.75%. What would be the maturity period if payments are bi-weekly? How much will the borrower pay in total under each payment option? Which choice would be less costly to the borrower?

Reference no: EM133066214

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