Tracey Is Buying a Condo and Will Have a Mortgage

question 53

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

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