Tracey is buying a condo and will have a mortgage of $180 000 which she plans to pay off in 25 years.The interest rate is 5% compounded semi-annually.Her payments would be $1046 a month.She has heard she can reduce the time it would take to pay off her mortgage if she pays $523 every two weeks instead.How many years it would take her to pay off her mortgage if she chooses the second option.
A) 10.2 years
B) 21.7 years
C) 25.0 years
D) 21.5 years
Correct Answer:
Verified
Q68: Julian is a student relying on student
Q68: The most important thing to note about
Q69: How much interest would Aleem save if
Q70: Assuming a discount rate of 14 percent
Q72: If Jenn could get a 10 percent
Q72: Ralph wants to know what he should
Q74: Mortgages are annuities in that a fixed
Q75: Ruby is expecting her first child next
Q76: Jessie won a lottery and was given
Q78: If your credit card says 28% interest
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents