Question
In: Finance
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 of the loan is unchanged? Note: Make sure to round all intermediate calculations to at least 8 decimal places.
Solutions
Expert Solution
Therefore, Number of Payments = 652.95 & Number of Years = 25 years
jeff jeffy answered 2 years agoRelated Solutions
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