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How does a 15 year mortgage with 5pct apr work?
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I am new to finance and my aunt bought a house and she said she has a 15 yr mortgage with 5 pct apr (fixed). Does this mean if she makes minimum monthly payments it'll be paid off in 15 years? If she pays it off at once in less than 15 years does she get penalized?
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- 7 years ago
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