Bruce is considering buying his dream home and has arranged a $700,000 mortgage loan at an...

 

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Bruce is considering buying his dream home and has arranged a $700,000 mortgage loan at an interest rate of 3.75% per annum, compounded semi-annually, an amortization period of 25 years, and a term of 3 years. He wants to repay this loan as fast as possible, so he has arranged for accelerated biweekly payments. Calculate the accelerated biweekly payment Bruce will pay over the 3-vear term. Round payment calculations up to the next higher dollar, O$1.794 O$1.655 $2,253 $3.588 Bruce is considering buying his dream home and has arranged a $700,000 mortgage loan at an interest rate of 3.75% per annum, compounded semi-annually, an amortization period of 25 years, and a term of 3 years. He wants to repay this loan as fast as possible, so he has arranged for accelerated biweekly payments. Calculate the accelerated biweekly payment Bruce will pay over the 3-vear term. Round payment calculations up to the next higher dollar, O$1.794 O$1.655 $2,253 $3.588

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