Solved

MsTowne Is Buying a Home for $250,000 and Is Putting

Question 28

Multiple Choice

Ms.Towne is buying a home for $250,000 and is putting down 20% cash on the purchase.She is financing the rest with a 30-yr,fixed rate mortgage with a rate of 4.625%,but is considering an option that would allow her to make biweekly payments.How much interest would the biweekly payment option allow her to save over the life of the loan and how long would it take to pay off the loan?


A) $29,528; 25.5 years
B) $33,234; 22.2 years
C) $29,528; 22.2 years
D) $33,234; 25.5 years

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents