Mr. & Mrs. Gruber borrowed $500,000 from BMO to buy a house in Laval, Quebec. The mortgage

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Mr. & Mrs. Gruber borrowed $500,000 from BMO to buy a house in Laval, Quebec. The mortgage rate is quoted at 4% (QR), with semi-annual compounding, and equal bi-weekly payments (assuming 52 weeks per year). The loan is to be amortized over 25 years.

How long will it take to repay the loan if Mr. & Mrs. Gruber double each payment to repay their mortgage sooner?

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Principles of Finance

ISBN: 978-1285429649

6th edition

Authors: Scott Besley, Eugene F. Brigham

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Posted Date: Jul 18, 2023 02:21 AM

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Mr. & Mrs. Gruber borrowed $500,000 from BMO to buy a house in Laval, Quebec. The mortgage

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