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1. A borrower obtains a fully amortizing CAM (constant amortizing mortgage) loan for $42,000 at 24 percent for 2 years. Monthly payments are made.

1. A borrower obtains a fully amortizing CAM (constant amortizing mortgage) loan for $42,000 at 24 percent for 2 years. Monthly payments are made. What would be the third monthly payment? (Form amortization table) 42000/24=1750=Amortization i-24/12=2% Month Amortization Interest Payment Remaining Balance 123 42000 1750 840 2590 40250 1750 805 2555 38500 1750 770 2520 36750

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