How long will it take to pay off the mortgage

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Reference no: EM131597931

Oppenheimer Bank is offering a 30-year mortgage with an APR of 5.25 % based on monthly compounding. With this mortgage your monthly payments would be $ 2000 per month. In? addition, Oppenheimer Bank offers you the following? deal: Instead of making the monthly payment of $ 2000every? month, you can make half the payment every two weeks? (so that you will make 52/ 2 =26payments per? year). With this? plan, how long will it take to pay off the mortgage if the EAR of the loan is? unchanged?

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.)

Reference no: EM131597931

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