Audrey has recently purchased a home with a $325,000 mortgage. She opted for monthly payments, a term of 5 years at a r
Posted: Sun Jun 05, 2022 7:08 am
Audrey has recently purchased a home with a $325,000
mortgage. She opted for monthly payments, a term of 5 years
at a rate of 3.2%, and an amortization period of 25 years.
Had Audrey chosen, instead, an accelerated bi-weekly payment, how
much interest would she save over the life of the mortgage?
Hint: You will need to determine the number of accelerated
bi-weekly payments would be required to pay off the mortgage.
Round to the nearest dollar.
mortgage. She opted for monthly payments, a term of 5 years
at a rate of 3.2%, and an amortization period of 25 years.
Had Audrey chosen, instead, an accelerated bi-weekly payment, how
much interest would she save over the life of the mortgage?
Hint: You will need to determine the number of accelerated
bi-weekly payments would be required to pay off the mortgage.
Round to the nearest dollar.