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1. Consider a $75,000, 7.75 percent, 30-year, constant amortization mortgage (CAM) with monthly payments. a) What is the total monthly payment that will be due on this mortgage in the first month? How much of this payment is attributable to principal? How much to interest? b) What is the total monthly payment that will be due in the 2nd month? How much of this will be attributable to principal? How much to interest? c) What is the total payment that will be due in the 23rd month? How much of this payment will be attributable to principal? How much to interest? d) What will be the balance due on this mortgage at the end of two years? 2. Now consider a $75,000, 7.75 percent, 30-year, constant payment mortgage (CPM) with monthly payments. a) What is the required monthly payment on this mortgage? b) If the first payment is on August 1 on this year, how much total interest will be paid this year? c) What will be the principal balance outstanding at the end of the fifth year? 3. Consider a $75,000, 30-year, fixed-rate mortgage with 7.75 percent interest and monthly payments. The lender requires that the borrower pay two points to originate the loan. a) If the expected holding period is 30 years, what is the effective interest rate on this loan? b) How does the effective interest rate if the expected holding period is 10 years? c) What is the effective interest rate if the expected holding period is 30 years and no points are charged? d) What is the effective interest rate if the expected holding period is 10 years and no points are charged