Oppenheimer Bank is offering a 30-year mortgage with an APR of 5.18% based on monthly compounding With this mortgage your monthly payments would be S2:030 per month. In addition, Oppenheimer Bank offers you the following deal: Instead of making the monthly payment of $2,030 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 lóng 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. C AN rial The number of payments will be which is approximately years. (Round to two decimal places and eriter the years rounded to the nearest Whrole number.) w let
Oppenheimer Bank is offering a 30-year mortgage with an APR of 5.18% based on monthly compounding With this mortgage your monthly payments would be S2:030 per month. In addition, Oppenheimer Bank offers you the following deal: Instead of making the monthly payment of $2,030 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 lóng 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. C AN rial The number of payments will be which is approximately years. (Round to two decimal places and eriter the years rounded to the nearest Whrole number.) w let
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
Problem 1PS
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Transcribed Image Text:Oppenheimer Bank is offering a 30-year mortgage with an APR of 5.18% based on monthly compounding. With this mortgage your monthly payments would be $2.030 per month. In addition, Oppenheimer Bank offers you the
following deal: Instead of making the monthly payment of $2,030 every month, you can make half the pavment every two weeks (so that you will make 52/2=26 payments per year). With this plan, how lỏng 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 , which is approximately years. (Round to two decimal places and enter the years rounded to the nearest whole number.)
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