Posted by **Shayla** on Wednesday, December 22, 2010 at 10:54pm.

An 8% interest loan with payments of $299.17 had a balance of $8,550 after the July 1st payment. The borrower paid the regular scheduled payment on August 1st, then immediately paid the entire remaining balance. If a 3% prepayment penalty was imposed, how much was the borrower charged for the prepayment penalty? (Interest paid in arrears)

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