You want to pay off your mortgage on something called an accelerated bi - weekly payment plan.
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Question:
You want to pay off your mortgage on something called an accelerated biweekly payment plan. You have a mortgage of $ amortized over years at a rate of percent APR compounded semiannually. Assume weeks a year.
a What would the regular biweekly payment beDo not round your intermediate calculations. Round your answer to decimal places. Omit the $ sign in your response.
Regular biweekly payment $
b What would the accelerated biweekly payment beDo not round your intermediate calculations. Round your answer to decimal places. Omit the $ sign in your response.
Accelerated biweekly payment $
c How much quicker would you pay off the mortgage payment? Round your answer to decimal places.
Pay off period
years
d How much interest would you save by doing the accelerated biweekly payment? Do not round your intermediate calculations. Round your answer to decimal places. Omit the $ sign in your response.
Savings in interest payment $
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