Ask Question
13 December, 04:43

Maurice took out a 25-year loan from his bank for $165,000 at an apr of 2.4%, compounded monthly. if his bank charges a prepayment fee of 6 months' interest on 80% of the balance, what prepayment fee would maurice be charged for paying off his loan 11 years early?

+5
Answers (1)
  1. 13 December, 05:30
    0
    165.000$ al APR 2.4%, The montly payments would be 731.94

    Total payment: $219,580.64, total interest $54,580.64

    25 years period - 14 years : 11 years x 12 months: 132 months x 731,94: 96.616,08 (total debt)

    96.616,08 x 80%: $77.292,864 x 1.2% (6 months interest) : $927,514 this would be the prepayment fee charge.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Maurice took out a 25-year loan from his bank for $165,000 at an apr of 2.4%, compounded monthly. if his bank charges a prepayment fee of 6 ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers