Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. oppenheimer bank is offering a 30-year mortgage wi

Oppenheimer Bank is offering a 30-year mortgage with an APR of 4.93% based on monthly...

80.2K

Verified Solution

Question

Finance

image

Oppenheimer Bank is offering a 30-year mortgage with an APR of 4.93% based on monthly compounding. With this mortgage your monthly payments would be $2,004 per month. In addition, Oppenheimer Bank offers you the following deal: Instead of making the monthly payment of $2,004 every month, you can make half the payment every two weeks (so that you will make 52/2 = 26 payments per year). With this plan, how long will it take to pay off the mortgage if the EAR of the loan is unchanged? Note: Make sure to round all intermediate calculations to at least 8 decimal places

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Chemistry
1.2K views

20 mL of 15% HCl(v/v) 1000 mL of 10% HCl(w/v) Give the percentages of the following: 130...

Accounting
1.2K views

Research a publicly traded company of your choice using the latest financial statements and announcement of...

Basic Math
1.2K views

x 3 matrix Find the k values that make the row vectors of the matrix...

Basic Math
1.2K views

What is the simplified expression for the expression below?(5x+20)-(4x-28)-2x+3-2x-3O-2x-8-2x+8

Algebra
1.2K views

Flag question Assuming the following distribution 1 4 5 7 9 120 which measure of...

Accounting
1.2K views

Groleau Corporation has an activity-based costing system with three activity cost...

Accounting
1.2K views

Return on Investment and Residual Income Simonsen Structural Engineers provides engineering consulting services to clients...

Accounting
1.2K views

Luxury Cruiseline offers nightly dinner cruises departing from several cities on the eastern...

Accounting
1.2K views

manufacturing overhead would include: a- indirect material only b- all manufacturing costs except direct material...

Accounting
1.2K views

1. Pick a product with which you are very familiar or that you anticipate being...

Finance
1.2K views

Problem 6-21 Rate of Return (LO3) A bond is issued with a coupon of 6%...

Accounting
1.2K views

The following are selected 2023 transactions of Blue Spruce Corporation. Sept. 1 Purchased inventory from...