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6 - 5 7 . Suppose you take a mortgage for $ 8 5 , 0 0 0 at 7 . 5 0 % for

6 - 57 .

Suppose you take a mortgage for $

85, 000

7.50 %

for

30

years, monthly payments. The loan has a

5 %

prepayment penalty if the loan is repaid within the first five years of life. If you repay the loan at the end of year four, what is the payoff of the loan?

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