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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

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?

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