Question: just need a & b :) format for answers given below A borrower is making a choice between a mortgage with monthly payments or biweekly

just need a & b :) just need a & b :) format for answers given below

format for answers given below

A borrower is making a choice between a mortgage with monthly payments or biweekly payments. The loan will be $224,000 at 6 percent interest for 20 years. Required: a. hat would be the maturity period if payments are bi-weekly? How much will the borrower pay in total under each payment option? Which choice would be less costly to the borrower? Hint: Assume 26 total bi-weekly payments per year for the maturity period b. Assume that the bl-weekly loan was available for 5.75%. What would be the maturity period if payments are bl-weekly? How much will the borrower pay in total under each payment option? Which choice would be less costly for the borrower? hat would be the maturity period if payments are bi-we option? Which choice would be less costly to the borrow maturity period. Note: (Do not round intermediate calculations. Round your Assume that the bi-weekly loan was available for 5.75%. Wh. much will the borrower pay in total under each payment opt Note: Do not round intermediate calculations. Round your f

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