How many pay periods are associated with semi-monthly payments?

When considering the frequency of semi-monthly payments, it is important to recognize that semi-monthly implies two payments per month. By calculating the total payments over a standard year, one can see that since there are 12 months in a year, making two payments each month results in 24 total payments annually.

This means that individuals who are on a semi-monthly payment schedule will complete 24 pay periods each year, making option 24 the accurate answer. Thus, when planning finances or understanding mortgage payment schedules, knowing that semi-monthly payments lead to a total of 24 pay periods can offer clarity for both borrowers and loan originators.