Question: A borrower obtains a fully amortizing loan for $80,000 at 12 percent for 8 year. Payments are monthly. If the loan is CAM (constant amortizing

A borrower obtains a fully amortizing loan for $80,000 at 12 percent for 8 year. Payments are monthly. If the loan is CAM (constant amortizing mortgage) loan, what would be the third monthly payment?

A-1617 B-1516 C-1393 D-1486 E-1603

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