In a closed mortgage with a term under five years, there is no legal obligation on the part of the lender to allow full repayment during the loan term. However, lenders typically allow prepayment of the remaining outstanding balance but charge which of the following? A penalty of six months' interest on the amount to be prepaid A penalty of the lesser of three months' interest or the interest prepayment penalty (IPP) on the amount to be prepaid A penalty of the greater of six months' interest or the interest prepayment penalty (IPP) on the amount to be prepaid A penalty of the greater of three months' interest or the interest rate differential (IRD) on the amount to be prepaid