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Your local lender offers you a fixed-rate mortgage with the following terms: $300,000 at 6.25%...

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Finance

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Your local lender offers you a fixed-rate mortgage with the following terms: $300,000 at 6.25% for 30 years, monthly payments. The lender will charge you two discount points and the loan has a 4% prepayment penalty for the first six years of life. C. What is the effective cost if you repay the loan at the end of year five

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