Multiple Choice
Tracey is buying a condo and will have a mortgage of $180 000 which she plans to pay off in 25 years.The interest rate is 5% compounded semi-annually.Her payments would be $1046 at the end of every month.She has heard she can reduce the time it would take to pay off her mortgage if she pays $523 every two weeks instead.How many years it would take her to pay off her mortgage if she chooses the second option.
A) 10.2 years
B) 21.7 years
C) 25.0 years
D) 21.5 years
Correct Answer:
Verified
Correct Answer:
Verified
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