Question: A borrower was surprised when he attempted to pay off his current loan and was told that he must pay 2 % of the loan

A borrower was surprised when he attempted to pay off his current loan and was told that he must pay 2% of the
loan balance in addition to the balance due. His loan must have included a
defeasance clause.
prepayment penalty clause.
late payment penalty clause.
due-on-sale clause.
A borrower was surprised when he attempted to pay off his

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