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5. (15 Percent) A lender gives you a $120,000 mortgage at 6.5% for 30 years, monthly payments. The loan has two negative discount points and
5. (15 Percent) A lender gives you a $120,000 mortgage at 6.5% for 30 years, monthly payments. The loan has two negative discount points and 1% prepayment penalty. Assuming that you have no other financing costs, what is the effective cost of the loan if you repay the loan at the end of year 3? 
5. (15 Percent) A lender gives you a $120,000 mortgage at 6.5% for 30 years, monthly payments. The loan has two negative discount points and 1% prepayment penalty. Assuming that you have no other financing costs, what is the effective cost of the loan if you repay the loan at the end of year 3
5. (15 Percent) A lender gives you a $120,000 mortgage at 6.5% for 30 years, monthly payments. The loan has two negative discount points and 1% prepayment penalty. Assuming that you have no other financing costs, what is the effective cost of the loan if you repay the loan at the end of year 3?
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