Question: You take out a 2 5 - year $ 5 0 0 , 0 0 0 mortgage with a 7 . 0 % mortgage rate.

You take out a 25-year $500,000 mortgage with a 7.0% mortgage rate. The payments will be made biweekly.
a. What are the biweekly payments? (8 pts)
b. How much of the second payment is interest and principal?

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