You have are a considering a mortgage from First Bank and Trust. It carries an...
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You have are a considering a mortgage from First Bank and Trust. It carries an interest rate 4.79% (APR based on monthly compounding), a 30-year term, and a payment of $2,042 per month. Your financial advisor is suggesting you consider a deal where you make payments bi-weekly instead of monthly. This is, instead of payment $2,042 every month, you can make half that payment every two weeks (i.e., 52/2 = 26 payments per year). Under this alternative, and keeping the EAR of the mortgage unchanged, how long will it take to pay off the mortgage? Note: If you round intermediate calculations, do so carefully: you should have at least 8 decimal places for all intermediate calculations. C. It will take you approximately years to pay it off, and the number of payments will be rounded to the nearest whole number.). (Round number of payements to two decimal places and enter the years
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