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Compute amount required to completely pay off a loan

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Reference no: EM131779311

Question: a. When a prepayment is made that is less than the full amount to completely pay off the loan, what happens to future monthly mortgage payments for a fixed-rate mortgage loan?

b. What is the impact of a prepayment that is less than the amount required to completely pay off a loan?

Reference no: EM131779311

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