Question: You take an offer for a 3 0 - year mortgage of $ 1 6 0 , 0 0 0 . The Bank of Montreal

You take an offer for a 30-year mortgage of $160,000. The Bank of Montreal offers you the
following deal: instead of making the monthly payment of $991.82 every month, you can make half the
payment every two weeks (so that you will make 522=26 payments a year). How long will it take to
pay off the mortgage if the EAR on the loan is 6.50%?(Note: Be careful not to round any intermediate
steps less than six decimal places.)
The amount of time to pay off the loan is
weeks. (Round to the nearest integer.)
 You take an offer for a 30-year mortgage of $160,000. The

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