asked 20.2k views
2 votes
Aphrodite took out a 30-year loan from her bank for $170,000 at an APR of 7.2%, compounded monthly. If her bank charges a prepayment fee of 6 months' interest on 80% of the balance, what prepayment fee would Aphrodite be charged for paying off her loan 12 years early?

asked
User Buvy
by
8.1k points

1 Answer

4 votes
It's 3246.74 --- APEX
answered
User Mariano Anaya
by
8.2k points
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