Question
A borrower has a 30-year mortgage loan for $200,000 with an interest rate of 5% and monthly payments. If she wants to pay off the
A borrower has a 30-year mortgage loan for $200,000 with an interest rate of 5% and monthly payments. If she wants to pay off the loan after 8 years, what would be the outstanding balance on the loan?
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$84,886
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$91,246
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$171,706
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$175,545
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Which one of the following is TRUE about prepayment penalties?
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They are never used with residential mortgages
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They are not included in the APR calculation
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They lower the effective cost if the loan is repaid before maturity
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They are equivalent to charging additional points for the loan
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Trading For Beginners 25 Secrets To Trade For A Living
Authors: Mark Bresett
1st Edition
1521327742, 978-1521327746
