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Raymond took out a 25-year loan from his bank for $135,000 at an APR of 3.6%, compounded monthly. If his bank charges a prepayment fee of 6 months' interest on 80% of the balance, what prepayment fee would Raymond be charged for paying off his loan 5 years early?

Raymond took out a 25-year loan from his bank for $135,000 at an APR of 3.6%, compounded monthly. If his bank charges a prepayment fee of 6 months' interest on 80% of the balance, what prepayment fee would Raymond be charged for paying off his loan 5 years early?

Grade:12

1 Answers

Saurabh Koranglekar
askIITians Faculty 10335 Points
4 years ago
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