Question: Asking about 2 question belows. Please give me detail explanations and answers. Thanks so much! 1) Suppose the Bank of Montreal is offering a 30-year

Asking about 2 question belows. Please give me detail explanations and answers. Thanks so much!

1) Suppose the Bank of Montreal is offering a 30-year mortgage with an EAR of 6.8%. If you plan to borrow $150,000, What will your monthly payment be?

2) If you decide to take the mortgage described in question 1), the Bank of Montreal will offer you the following deal: instead of making the monthly payment you computed in that problem every month, you can make half the payment every two weeks (so that you will make 52/2 = 26 payments per year). How long will it take to pay off the mortgage if the EAR remains the same at 6.80%?

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