You are a lender and have offered a borrower a $400,000 30-year fixed-rate mortgage loan...
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You are a lender and have offered a borrower a $400,000 30-year fixed-rate mortgage loan at 4.68% with monthly payments and fully amortize. The loan does not have any origination fees, but does have a 2% prepayment penalty during the loan's first 5 years. What would be the size of the prepayment penalty if the borrower repaid all remaining principal after the 46th payment? Please indicate your answer with two spaces right of the decimal.
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