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Which one of the following is TRUE about prepayment penalties? Multiple Choice They lower the effective cost if the loan is repaid before maturity. They

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Which one of the following is TRUE about prepayment penalties? Multiple Choice They lower the effective cost if the loan is repaid before maturity. They are never used with residential mortgages. They are equivalent to charging additional points for the loan. They are not included in the APR calculation. One of the most popular amortizing mortgages today is the constant payment mortgage (CPM). Which of the following characterizes the components of the CPM payment over the life of the loan

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