Several years ago, a $. 2,000,000 fixed rate, monthly amortizing mortgage was issued for 20 years at

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Several years ago, a $. 2,000,000 fixed rate, monthly amortizing mortgage was issued for 20 years at 5.5% rate. The monthly payment is $13,758. 3.2% Prepayment penalty is applied to the loan balance. It is calculated at $34,130

Consider no friction costs during origination of the loan.

1. What is the loan balance at this time?

2. How many payments have already been made?(use rounded number)

3. What is the EBC if the loan is pre-paid now?

Related Book For answer-question

Statistics for Managers Using Microsoft Excel

ISBN: 978-0133130805

7th edition

Authors: David M. Levine, David F. Stephan, Kathryn A. Szabat

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Posted Date: Jun 20, 2020 06:04 AM

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Several years ago, a $. 2,000,000 fixed rate, monthly amortizing mortgage was issued for 20 years at

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B A 1 Calculation of Loan Amount and EBC 2 Particulars 3 Loan Amount 4 Mortgage Rate 5 Years ... View the full answer

Statistics for Managers Using Microsoft Excel

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