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A bank just issued a $50,000 constant amortization mortgage (CAM) at 10% for 25 years. Assuming the loan requires annual payment to be fully amortized

A bank just issued a $50,000 constant amortization mortgage (CAM) at 10% for 25 years. Assuming the loan requires annual payment to be fully amortized in 25 years, what is the first year loan payment? Use financial calculator.

a. 2,000

b. 3,000

c. 5,000

d. 7,000

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