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Business, 01.10.2019 16:30 lay2578

Oppenheimer bank is offering a 30-year mortgage with an apr of 4.78 % based on monthly compounding. with this mortgage your monthly payments would be $ 2 comma 006 per month. in addition, oppenheimer bank offers you the following deal: instead of making the monthly payment of $ 2 comma 006 every month, you can make half the payment every two weeks (so that you will make 52 divided by 2 equals 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.

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