Find the prepayment penalty which is one-third of the, Financial Management

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Find the prepayment penalty which is one-third of the

Albert purchased a house for $1,500,000 fifteen years ago. He put 30% down and financed the balance by a 20-year real estate mortgage at 6%, convertible monthly. Albert decides to pay the remaining loan balance in full by a single payment together with the installment just due. Find the prepayment penalty, which is one-third of the lender’s interest loss.

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