Referring to question 6, calculate the number of years to pay off the mortgage if payments are

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Referring to question 6, calculate the number of years to pay off the mortgage if payments are made on an accelerated biweekly basis, instead of monthly.


Data from question 6:

A $120000 mortgage is amortized over 25 years. If interest on the mortgage is 4.5 percent compounded semi-annually, calculate the size of monthly payments made at the end of each month.

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Related Book For  answer-question

Personal Finance

ISBN: 978-0134724713

4th Canadian edition

Authors: Jeff Madura, Hardeep Singh Gill

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