Some banks now have biweekly mortgages that is with, Engineering Mathematics

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Some banks now have biweekly mortgages that is with

Question: Some banks now have biweekly mortgages (that is, with payments every other week). Compare a 20-year, $100,000 loan at 8.1% by finding the payment size and the total interest paid over the life of the loan under each of the following conditions.

(a) Payments are monthly, and the rate is 8.1%, compounded monthly.

(b) Payments are biweekly, and the rate is 8.1%, compounded biweekly.

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Engineering Mathematics: Some banks now have biweekly mortgages that is with

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