CAM-Constant Amortizing Mortgage CPM-Constant Payment Mortgage Upload your work as a single Excel file with an amortization table for the CAM and the CPM. You can put the CAM and CPM on the same tab or in different tabs within your Excel file. A fully amortizing CAM loan is made for $125,000 at 11 percent interest for 20 years. a. What will be the monthly payments and remaining loan balances for the first six months? b. What would monthly payments be if the loan were CPM instead? c. If both loans (the CAM and CPM) are repaid at the end of year 5, would the lender earn a higher rate of interest on either loan? Which one and why? Use Excel.

Date Name Section 8.7 - Worksheet The Cost of Home Ownership Comparing Mortgage Interest for 30-year rate vs 15-year rate. In the lesson notes example, the $175,500 mortgage was financed with a 30-year fixed rate at 7.5%. The total interest paid over 30 years was approximately $266,220. a) Use the loan payment formula for installment loans to find the monthly payment if the time of the mortgage is reduced to 15 years. Round to the nearest dollar. b) Find the total interest paid over 15 years. c) How much interest is saved by reducing the mortgage from 30 to 15 years?

Watch the video and then solve the problem given below. Click here to watch the video. You are considering a loan with an annual rate of 8%. The mortgage is $130,000 with 180 monthly payments of $1242.35 for 15 years. Complete the first two months of the amortization table. (Simplify your answers. Round to the nearest cent as needed.) Payment number Interest payment Principal payment Balance of loan 1

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