Mrtramp made a mortgage 5 years ago for 85000 at 825, Finance Basics

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Mrtramp made a mortgage 5 years ago for 85000 at 825

Question: Mr.Tramp made a mortgage 5 years ago for $85000 at 8.25% interest and a 15 year term. Rates have now risen to 10% for an equivalent loan. Mr.Tramp's lender is willing to discount the loan by $2000 if he will prepay the loan. What rate of return would Mr.Tramp receive by prepaying the loan? The response must be typed, single spaced, must be in times new roman font (size 12) and must follow the APA format.

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Finance Basics: Mrtramp made a mortgage 5 years ago for 85000 at 825

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Finance Basics: Mrtramp made a mortgage 5 years ago for 85000 at 825

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