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You decide to take a 30-year mortgage of $ 170,000 offered by Oppenheimer Bank. Instead of making the monthly payment of $ 1,080.08 every month, you can make half the payment every two weeks (so that you will make 52 2 = 26 payments a year). How long will it take to pay off the mortgage if the EAR on the loan is 6.75%?

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Financial Management, Finance

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