Question: 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

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

explain how two different psychoactive drugs alter chemical communication at the synapse. Be sure to include the specific receptor to which each drug binds, and how this binding impacts chemical...

i need help with the below assignment use the pdf attached to work it out Why is the loan in default? Explain which reasons are most relevant to Drive.What economic factors contributed to the...

PLEASE COMPLETE NO LATER THAN 10/14 @3:30PM Each question(1,2,& 3) must be a minimum of 200 words. Please EXPLAIN answers in FULL detail and make answers knowledgeable based off the attached reading,...

(2) Use Figure 10.2 shows a multi-degree-of-freedom (MDOF) model of three connected masses. Find the following for the MDOF system in Figure 10.2: Find expressions for the kinetic energy (T) and...

Taking the values of atomic masses from the tables, calculate the energy per nucleon which is liberated in the nuclear reaction Li6 + H2 2He4 Compare the obtained magnitude with the energy per...

Consider f(x) = Ax3 + Bx2 + Cx + D with A > 0. Show that f has one local maximum and one local minimum if and only if B2 - 3AC > 0.

Did the researcher objectify the human beings who participated in the research study?

The Foreman Companys earnings and common stock dividends have been growing at an annual rate of 6 percent over the past 10 years and are expected to continue growing at this rate for the foreseeable...

What are the differences between network intrusion systems and host - based systems, detection versus prevention systems, and the different ways these systems can detect malware? How can a system...

Answer the following questions in your own words, being sure to answer each part of the question with detailed information. Then, respond to ONE other student's posting. In your response, do not just...

Problem 5: Find an expression, in terms of the principal stresses , 2, and 3, for the magnitude 7 of the traction vector on an octahedral plane, that is, a plane whose normal makes equal angels with...

PART III Average rate of change of exponential functions near zero. (5) 1. Given f(x) = 2*, find the average rate of change of f(x) from x = 0 to x = 0.1, so that Ax = 0.1. Recall that the average...

Given the following cash flows of a project, Cash flow Year 0 -$100,000 Year 1 $50,000 Year 3 -$20,000 Year 5 $80,000 a) What is the NPV? List formula and input numbers, no calculation needed b) What...

The pilot choke option: A. B. C. Is an orifice in the main pressure port of a two stage directional valve used to reduce flow to the system. Is a device that throttles the flow of pressurized fluid...

The well-insulated, rigid storage tank in the figure below contains air and carbon dioxide, separated by a moveable divider that allows for heat transfer to occur between the two gases. If the air...

Problem 11-1A

The manager for retail customers, Katie White, wants to hear your opinion regarding one business offer she has received from an entrepreneur who is starting a mobile phone app called Easy Money. The...

Teaching Assistant: Administer/monitor exams. Produce course materials (e.g., handouts, lectures, review sheets, quizzes, exams). Conduct study or review sessions. Grade course assignments and...

Intern/Practicum Student: Provide general assistance in the operations of the organization. Interact with clients/patients of the organization. Write reports summarizing organizational activities...

Research Assistant: Collect, score, code, enter, and analyze data. Conduct literature searches and obtain source materials relevant to research studies. Contribute to the development and design of...