Question: please help me with this financial problem. thank you!! not sure if this is correct. You want to pay off your mortgage on something called
please help me with this financial problem. thank you!! not sure if this is correct.
You want to pay off your mortgage on something called an accelerated bi-weekly payment plan (your parents told you to do this). You have a mortgage of $540,000 amortized over 29 years at a rate of 3.9 percent APR compounded semi-annually. (Assume 52 weeks a year.) a. What would the regular bi-weekly payment be? (Do not round your intermediate calculations. Round your answer to 2 decima places. Omit the "$" sign in your response.) Regular bi-weekly payment $L120221 b. What would the accelerated bl-weekly payment be? (Do not round your intermediate calculations. Round your answer to 2 decimal places. Omit the "$" sign in your response.) Accelerated bi-weekly payment $ 1302 40 c. How much quicker would you pay off the mortgage payment? (Do not round your intermediate calculetions. Round your answer to 3 decimal places.) Pay off period 2583 years d. How much interest would you save by doing the accelerated bi-weekly payment? (Do not round your intermediate calculations. Round your answer to 2 decimal places. Omit the "$" sign in your response.) Savings in interest payment$ You want to pay off your mortgage on something called an accelerated bi-weekly payment plan (your parents told you to do this). You have a mortgage of $540,000 amortized over 29 years at a rate of 3.9 percent APR compounded semi-annually. (Assume 52 weeks a year.) a. What would the regular bi-weekly payment be? (Do not round your intermediate calculations. Round your answer to 2 decima places. Omit the "$" sign in your response.) Regular bi-weekly payment $L120221 b. What would the accelerated bl-weekly payment be? (Do not round your intermediate calculations. Round your answer to 2 decimal places. Omit the "$" sign in your response.) Accelerated bi-weekly payment $ 1302 40 c. How much quicker would you pay off the mortgage payment? (Do not round your intermediate calculetions. Round your answer to 3 decimal places.) Pay off period 2583 years d. How much interest would you save by doing the accelerated bi-weekly payment? (Do not round your intermediate calculations. Round your answer to 2 decimal places. Omit the "$" sign in your response.) Savings in interest payment$
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