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Which one of the following is TRUE about prepayment penalties? Multiple Choice They are equivalent to charging additional points for the loan. They are never

Which one of the following is TRUE about prepayment penalties?

Multiple Choice

They are equivalent to charging additional points for the loan.

They are never used with residential mortgages.

They are not included in the APR calculation.

They lower the effective cost if the loan is repaid before maturity.

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