A $400,000 residential mortgage loan was originated today. The loan will be amortized over 30...
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A $400,000 residential mortgage loan was originated today. The loan will be amortized over 30 years with monthly payments. The annual interest rate on the loan is 3.50%. Up-front-financing costs will total 3% of the loan amount. The annual servicing fee on this loan is 0.35%. What fee will the loan servicer be paid in month four? Assume the loan will be repaid at the end of 6 years. O $1.393.37 O $114.62 Not enough information is provided to answer the question $116.11 O $116.67
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