enheimer Bank is offering a 30​-year mortgage with an APR of 4.88% based on monthly compounding. With this​ mortgage, your monthly payments would be ​$2,050 per month. In​ addition, Oppenheimer Bank offers you the following​ deal: Instead of making the monthly payment of ​$2,050 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. a. What is the number of payments? b. How long will it take to p

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Loans

A loan is a term that we are all familiar with. The processing of loans is one of the most important functions of a bank. It keeps our economy stable and facilitates the implementation of monetary policies. Let's take a look at the different forms of loans and get some answers to some common questions.