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The monthly payments for a $100,000 loan at an interest rate of 6% per annum amortized over 30 years is $599.55. What is the loan constant for the first year? onstant = Monthly payments/Loan amount = 599.55/100000 0.005996 It signifies that the monthly payment of 0.0059955 per loan amount will be required to square off the loan at 6% per annum in 30 years (2.) If the above loan were amortized over 25 years instead of 30 years, the monthly payments would be $644.30. What would the constant for the first year of the loan be?

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