18.You borrowed $355,000 to purchase a house.The fixed rate mortgage has a term of 15 years and requires monthly payment
Posted: Sun May 29, 2022 6:05 pm
18.You borrowed $355,000 to purchase a house.The fixed rate
mortgage has a term of 15 years and requires monthly payments.The
rate on the loan is 7%.The loan features a prepayment penalty set
at 2%of the outstanding balance at the time of prepayment.What is
the dollar amount of the prepayment penalty if the loan is repaid
after 55 payments?
mortgage has a term of 15 years and requires monthly payments.The
rate on the loan is 7%.The loan features a prepayment penalty set
at 2%of the outstanding balance at the time of prepayment.What is
the dollar amount of the prepayment penalty if the loan is repaid
after 55 payments?