Several years ago, a $ 2,000,000 fixed rate, monthly amortizing mortgage was issued for 20...
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Accounting
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 origination costs for the loan. What is the loan balance at this time? How many payments have already been made? (use rounded number)
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