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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

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!

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