A homeowner in a California Mello-Roos district wants to pay off the remaining Mello-Roos bond obligation on their property. The outstanding principal balance of the bonds allocated to the property is $35,000, and the CFD charges a 3% prepayment premium. What is the total payoff amount?
Correct Answer
D) $36,050
The payoff amount includes the outstanding principal ($35,000) plus the 3% prepayment premium ($35,000 × 0.03 = $1,050). Total payoff: $35,000 + $1,050 = $36,050.
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