Problem 6-10 A borrower is making a choice between a mortgage with monthly payments or biweekly payments. The loan will be $220,000 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 bi-weekly loan was available for 5.75%. What 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 for the borrower? Complete this question by entering your answers in the tabs below. Required A Required B X Answer is complete but not entirely correct. Assume that the bi-weekly loan was available for 5.75%. What 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 for the borrower? Note: Do not round intermediate calculations. Round your final answers to 2 decimal places. Maturity period Total monthly payments Total bi-weekly payments Choice of borrower 16.73 years 370,700.09 347,580.23 X Bi-weekly payment Problem 6-10 A borrower is making a choice between a mortgage with monthly payments or biweekly payments. The loan will be $220,000 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 bi-weekly loan was available for 5.75%. What 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 for the borrower? Complete this question by entering your answers in the tabs below. Required A Required B X Answer is complete but not entirely correct. Assume that the bi-weekly loan was available for 5.75%. What 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 for the borrower? Note: Do not round intermediate calculations. Round your final answers to 2 decimal places. Maturity period Total monthly payments Total bi-weekly payments Choice of borrower 16.73 years 370,700.09 347,580.23 X Bi-weekly payment