You want to pay off your mortgage on something called an accelerated bi-weekly payment plan. You have a mortgage of $430,000 amortized over 21 years at a rate of 30 percent APR compounded semi-annually. (Assume 52 weeks a year) a What would the regular bi-weekly payment be? (Do not round your intermediate calculations. Round your answer to 2 decimal places. Omit the "S" sign in your response.) Regular bi-weekly payment b. What would the accelerated bi-weekly payment be? (Do not round your intermediete calculations. Round your answer to 2 decimal places. Omit the "S" sign in your response.) Accelerated bi-weekly payment c. How much quicker would you pay off the mortgage payment? (Round your answer to 3 decimal places) Pay off period years d. How much interest would you save by doing the accelerated bi-weekly payment? (Do not round your intermediate calculations. Round your answer to 2 decimal pieces. Omit the "S" sign in your response) Savings in interest payment

You want to pay off your mortgage on something called an accelerated bi-weekly payment plan. You have a mortgage of $430,000 amortized over 21 years at a rate of 30 percent APR compounded semi-annually. (Assume 52 weeks a year) a What would the regular bi-weekly payment be? (Do not round your intermediate calculations. Round your answer to 2 decimal places. Omit the "S" sign in your response.) Regular bi-weekly payment b. What would the accelerated bi-weekly payment be? (Do not round your intermediete calculations. Round your answer to 2 decimal places. Omit the "S" sign in your response.) Accelerated bi-weekly payment c. How much quicker would you pay off the mortgage payment? (Round your answer to 3 decimal places) Pay off period years d. How much interest would you save by doing the accelerated bi-weekly payment? (Do not round your intermediate calculations. Round your answer to 2 decimal pieces. Omit the "S" sign in your response) Savings in interest payment

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter19: Lease And Intermediate-term Financing

Section: Chapter Questions

Problem 17P

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