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Your local lender offers you a fixed-rate mortgage with the following terms: $140,000.00 at 7.11% for 30 years, monthly payments. The lender will charge you

Your local lender offers you a fixed-rate mortgage with the following terms: $140,000.00 at 7.11% for 30 years, monthly payments. The lender will charge you 2 discount point(s) and the loan has a 3% prepayment penalty for the first 9 years of life. What is the effective cost if you repay the loan at the end of year 9

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