Consider a 30-year fixed-rate mortgage of $100,000 at a nominal rate of 9%. What is the duration
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Consider a 30-year fixed-rate mortgage of $100,000 at a nominal rate of 9%. What is the duration of the loan? If interest rates increase to 9.5% immediately after the mortgage is made, how much is the loan worth to the lender?
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The monthly mortgage payment is computed as N 360 I 912 PV 100000 FV 0 Compute PMT PMT 8...View the full answer
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Related Book For 
Financial Markets And Institutions
ISBN: 978-0132136839
7th Edition
Authors: Frederic S. Mishkin, Stanley G. Eakins
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