The actual prepayment penalty under the terms

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Reference no: EM131859964

The actual prepayment penalty under the terms of the apartment building owner’s mortgage is 2% of the balance of the loan. If the owner goes ahead with the refinancing, what was the effective interest rate on the loan over the original ten years? On a $6,000,000, 30 yr, 7.5% Mortgage, With refinance rate of 6%?

Reference no: EM131859964

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