Calculate the penalty he would pay using the rate

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Question: Roman has just inherited some money and would like to pay off the balance of his mortgage ($150,000). His mortgage rate is 4.4% and there are 69 months remaining on the term. A 6-year term now has a rate of 3.2%. A 5-year term now has a rate of 3.1%. Calculate the penalty he would pay using the rate differential method.

Reference no: EM133379685

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