Question: You are arranging a $ 3 6 4 , 0 0 0 Canadian mortgage with a 2 7 - year amortization period and a 6

You are arranging a $364,000 Canadian mortgage with a 27-year amortization period and a 6.7% posted interest rate. What is the monthly mortgage payment?
Note: Do not round intermediate calculations. Round your answer to the nearest cent.
The monthly mortgage payment$
Suppose the bank offers you the opportunity to pay your monthly payments in two equal instalments (pay one-half of the monthly payment every 2 weeks). How much faster will you pay off your mortgage this way?
Note: Do not round intermediate calculations. Round your answer to 1 decimal place.
The mortgage is paid off years sooner.

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