The seller was told by the bank that she has a prepayment penalty due at the time of closing. The penalty is 6 months’ interest on the current loan balance. Based on 6% interest, her monthly payment is $569.57 principal and interest and her loan balance was $95,000 the month before closing. Once she makes her next monthly payment, how much will she owe in prepayment penalty at the time of closing?
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Based on 6% interest, her monthly payment is $569.57 principal and interest and her loan balance was $95,000 the month before
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urrent loan balance. Based on 6% interest, her monthly payment is $569.57 principal and interest and her loan balance was $95,000 the month before closing. Once she makes her next monthly payment, how much will she ow
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