A $130,000 mortgage with an interest rate of 4.6 percent compounded semi-annually has a monthly payment of $874.00 for 16.2 years. Calculate the number of years to pay off the mortgage if payments are made on an accelerated biweekly basis instead of monthly. C... It will require years to pay off the mortgage if payments are made on an accelerated biweekly basis. (Round to one decimal place.)
A $130,000 mortgage with an interest rate of 4.6 percent compounded semi-annually has a monthly payment of $874.00 for 16.2 years. Calculate the number of years to pay off the mortgage if payments are made on an accelerated biweekly basis instead of monthly. C... It will require years to pay off the mortgage if payments are made on an accelerated biweekly basis. (Round to one decimal place.)
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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Mortgages
A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.
Mortgage
The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.
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Transcribed Image Text:A $130,000 mortgage with an interest rate of 4.6 percent compounded semi-annually has a monthly payment of $874.00 for 16.2 years. Calculate the number of years
to pay off the mortgage if payments are made on an accelerated biweekly basis instead of monthly.
(...)
It will require years to pay off the mortgage if payments are made on an accelerated biweekly basis. (Round to one decimal place.)
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