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OpenStudy (anonymous):
Borrower Xi wishes to take a fixed rate CPM of $200,000 that will be fully amortized over 30 years through monthly payments. The competitively quoted mortgage rate is 8.00% with a 2 points loan discount fee. The lender expects borrower Xi to prepay the loan after ten years. If the lender wishes to attain an effective yield of 11% on this loan, what should the lender charge as prepayment penalty (percent of loan balance outstanding at the time of prepayment)?
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