Question: A fully-amortizing fixed-rate Constant Amortization Mortgage (CAM) has a face value of $600,000, a loan term of 5 years, an annual percentage rate of 12%

A fully-amortizing fixed-rate Constant Amortization Mortgage (CAM) has a face value of $600,000, a loan term of 5 years, an annual percentage rate of 12% (p.a.), and monthly payments at the end of every month.What is the amount of the first debt service (principal + interest) one month after origination? Round the answer to the nearest whole number.

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