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Oppenheimer Bank is offering a 30-year mortgage with an APR of 5.06 % based on monthly...
Oppenheimer Bank is offering a 30-year mortgage with an APR of 5.06 % based on monthly compounding. With this mortgage your monthly payments would be $ 1 comma 972 per month. In addition, Oppenheimer Bank offers you the following deal: Instead of making the monthly payment of $ 1 comma 972 every month, you can make half the payment every two weeks (so that you will make 52 divided by 2 equals 26 payments per year). With this plan, how long will it take to pay off the mortgage if the EAR of the loan is unchanged? Note: Make sure to round all intermediate calculations to at least 8 decimal places.
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jeff jeffy answered 1 year agoRelated Solutions
Oppenheimer Bank is offering a 30-year mortgage with an APR of 5.05% based on monthly compounding....
Oppenheimer Bank is offering a 30-year mortgage with an APR of
5.05% based on monthly compounding. With this mortgage your monthly
payments would be $1,972 per month. In addition, Oppenheimer Bank
offers you the following deal: Instead of making the monthly
payment of $1,972 every month, you can make half the payment every
two weeks (so that you will make 52/2=26 payments per year).
With this plan, how long will it take to pay off the mortgage
if the EAR...
Oppenheimer Bank is offering a 30-year mortgage with an APR of 5.16% based on monthly compounding.
Oppenheimer Bank is offering a 30-year mortgage with an APR of
5.16% based on monthly compounding. With this mortgage your monthly
payments would be $2,032 per month. In addition, Oppenheimer Bank
offers you the following deal: Instead of making the monthly
payment of $2,032 every month, you can make half the payment every
two weeks (so that you will make 52/2=26 payments per year). With
this plan, how long will it take to pay off the mortgage if the
EAR...
Oppenheimer Bank is offering a 30-year mortgage with an APR of 5.13% based on monthly compounding....
Oppenheimer Bank is offering a
30-year
mortgage with an APR of
5.13%
based on monthly compounding. With this mortgage your monthly
payments would be
$2,032
per month. In addition, Oppenheimer Bank offers you the
following deal: Instead of making the monthly payment of
$2,032
every month, you can make half the payment every two weeks (so
that you will make
52/2=26
payments per year). With this plan, how long will it take to
pay off the mortgage if the EAR...
Oppenheimer Bank is offering a 30-year mortgage with an APR of 5.01% based on monthly compounding....
Oppenheimer Bank is offering a
30-year
mortgage with an APR of
5.01%
based on monthly compounding. With this mortgage your monthly
payments would be
$2,048
per month. In addition, Oppenheimer Bank offers you the
following deal: Instead of making the monthly payment of
$2,048
every month, you can make half the payment every two weeks (so
that you will make
52/2=26
payments per year). With this plan, how long will it take to
pay off the mortgage if the EAR...
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A mortgage broker is offering a 30 year $271,000 mortgage with a teaser rate in the...
A mortgage broker is offering a 30 year $271,000 mortgage with
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makes monthly payments on only 3.7% APR interest rate. After the
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APR
What are the monthly payments in the first two years? Do not
round intermediate calculations and round your final answer to 2
decimal places.
What are the monthly payments after the second year? Do...
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