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Instead of making the monthly payment of $2,026 every month, you can make half the payment every two weeks (so that you will ma loan is unchanged? Note: Make sure to round all intermediate calculations to at least 8 decimal places. The number of payments will be [ (Round to two decimal places.)

Instead of making the monthly payment of $2,026 every month, you can make half the payment every two weeks (so that you will ma loan is unchanged? Note: Make sure to round all intermediate calculations to at least 8 decimal places. The number of payments will be [ (Round to two decimal places.)

Essentials Of Investments
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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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 $2,026 per month. In addition, Oppenheimer Bank offers you the following deal: Instead of making the monthly payment of $2,026 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. The number of payments will be. (Round two decimal places.) C
Transcribed Image Text: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 $2,026 per month. In addition, Oppenheimer Bank offers you the following deal: Instead of making the monthly payment of $2,026 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. The number of payments will be. (Round two decimal places.) C
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