HomeworkLib
Question

1. What is the payment for a Constant Amortization Mortgage (CAM) with a borrowing amount of...

1. What is the payment for a Constant Amortization Mortgage (CAM) with a borrowing amount of $500,000, a 6% Interest rate, and 30-year amortization/term? Answer is 3,888.89. Can someone please explain this!

business   finance   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

0 0
Add a comment
Know the answer?
Add Answer to:
1. What is the payment for a Constant Amortization Mortgage (CAM) with a borrowing amount of...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • What is the payment amount in month 27 of a constant amortization mortgage loan for $260,000...

    What is the payment amount in month 27 of a constant amortization mortgage loan for $260,000 with a 30-year term and an annual interest rate of 8%? Enter your answer rounded to the nearest penny with no punctuation other than a decimal point.

  • (22-23) You borrow $100,000 Constant Amortization Mortgage (CAM) at 10% for 20 years, assuming annual payment,...

    (22-23) You borrow $100,000 Constant Amortization Mortgage (CAM) at 10% for 20 years, assuming annual payment, answer- 22. What is your total payment for year 11? a. 5,000 b. 6,000 c. 8,000 d. 10,000 23. What is the total principle you paid in year 11? a. 2,000 b. 3,000 c. 4,000 d. 5,000

  • please use excel functions 8. What is the payment in month 13 on a CAM loan...

    please use excel functions 8. What is the payment in month 13 on a CAM loan for $150,000 with a maturity of 15 years at 5.85%? Answer Loan Amount Years Periods Per Year Payment Month at Issue Here Interest Rate Constant Amortization Amount 9. What is the interest paid in month 14 on the loan in the previous question? Answer Loan Amount Years Periods Per Year Payment Month at Issue Here Interest Rate Constant Amortization Amount

  • do I have it right Part 1: Mortgage A mortgage is a loan used to purchase...

    do I have it right Part 1: Mortgage A mortgage is a loan used to purchase a home. It is bedover a period of 1,20 or 30 years. The interest rate is determined by the term of the l e ngth of time to pay back the loan) and the credit rating of the person borrowing the money Once a person signs the documents to borrow money for a home the presented we amortization table or schedule for the mortgage...

  • Amortization schedules a. Set up an amortization schedule for a $250,000 mortgage to be repaid in...

    Amortization schedules a. Set up an amortization schedule for a $250,000 mortgage to be repaid in equal monthly installments at the end of each month for the next 15 years. The mortgage rate is an APR of 4.5%. b. How large must each monthly payment be if the loan is for $500,000? Assume that the interest rate remains at 4.5% and that the loan is paid off over 15 years. c. How large must each monthly payment be if the...

  • Mortgage Amortization Complete the loan amortization schedule for a Mortgage that will be repaid over 360...

    Mortgage Amortization Complete the loan amortization schedule for a Mortgage that will be repaid over 360 months and answer the following questions (The details about the loan are shown below): Correct Answers 1. What is your monthly payment? 2. What is the total $ amount of payments made over the life of the loan Enter Answers Here. 3. How many months will it take to pay off the loan if you pay an extra $465.71 per month? Note: Enter the...

  • You have just obtained a commercial mortgage for $4.375M with a 5-year term, 25-year amortization period...

    You have just obtained a commercial mortgage for $4.375M with a 5-year term, 25-year amortization period and 4.25% mortgage interest rate. 1 (a) Construct an amortization table for the term of the loan assuming annual payments. What is the annual payment? What is the balance at maturity? (b) What is the e§ective cost of borrowing if the borrower pays an origination fee of $30,000? (c) The borrower can repay the balance of the loan at any time prior to its...

  • Amortization schedules a. Set up an amortization schedule for a $250,000 mortgage to be repaid in...

    Amortization schedules a. Set up an amortization schedule for a $250,000 mortgage to be repaid in equal monthly installments at the end of each month for the next 15 years. The mortgage rate is an APR of 5%. b. How large must each monthly payment be if the loan is for $500,000? Assume that the interest rate remains at 5% and that the loan is paid off over 15 years. c. How large must each monthly payment be if the...

  • Create a program that calculate the amount of a mortgage payment. Refer to the appropriate video...

    Create a program that calculate the amount of a mortgage payment. Refer to the appropriate video or any online source for how the mathematics of the calculation works. If given these three things: The amount of the loan in whole dollars The number of payments (e.g. 360 for 30-year) The interest rate per payment period in percent ( a positive floating-point number) The program should print out the correct value (in dollars and cents) of the per-period payment of principal...

  • In a fixed-rate mortgage amortization schedule of monthly mortgage payments A. The amount of interest in...

    In a fixed-rate mortgage amortization schedule of monthly mortgage payments A. The amount of interest in each payment is equal to the amount of principal paid B. Both B and C are true C. In the early years, principal repayment exceeds interest payments D. In the early years, interest payments exceed principals repayments

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT