What is the ebc if the loan is pre-paid now

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Reference no: EM132750464

Several years ago, a $. 2,000,000 fixed rate, monthly amortizing mortgage was issued for 20 years at 5.5% rate. The monthly payment is $13,758. 3.2% Prepayment penalty is applied to the loan balance. It is calculated at $34,130 Consider no friction costs during origination of the loan.

Problem 1: What is the loan balance at this time?

Problem 2: What is the EBC if the loan is pre-paid now?

Reference no: EM132750464

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