Raymond took out a 25-year loan for $135,000 at an apr of 3.6% compounded monthly. if his bank charges a prepayment fee of 6 months' interest on 80 % of the balance, what prepayment fee would he be charged for paying off the loan 5 years early?

$543.46 APEX

Step-by-step explanation:

Remaining balance would have been $37457.92

Step-by-step explanation:

number of month, n = 25 × 12 = 300 months.  

APR = 3.6% annually

       = 0.3% monthly ( Divide the annual rate by 12)

Principal value = $135000

If he pay 683.10 every month for 240 months, the remaining balance on the loan is = 37,457.92  

If you assume they are using monthly interest rate for 6 months, then the penalty assessed would be :

Since, the loan was originally scheduled to go 300 months, then paying off the loan by the end of month 240 would be 5 years early, because 5 years is equal to 60 months and 300 - 60 is equal to 240 months  

The key component here is what would be the remaining balance after 240 months of paying the loan off at $683.10 every month.  

That remaining balance would have been $37457.92

the most boring thing ever written

step-by-step explanation:

i am writing something. yes, i plan to make it the most boring thing ever written. i go to the store. a car is parked. many cars are parked or moving. some are blue. some are tan. they have windows. in the store, there are items for sale. these include such things as soap, detergent, magazines, and lettuce. you can enhance your life with these products. soap can be used for bathing, be it in a bathtub or in a shower. apply the soap to your body and rinse. detergent is used to wash clothes. place your dirty clothes into a washing machine and add some detergent as directed on the box. select the appropriate settings on your washing machine and you should be ready to begin. magazines are stapled reading material made with glossy paper, and they cover a wide variety of topics, ranging from news and politics to business and stock market information. some magazines are concerned with more recreational topics, like sports card collecting or different kinds of hairstyles. lettuce is a vegetable.