Question: 11) A bank makes a 30-year Fully Amortizing FRM for $1,000,000 at an annual interest rate of 4%, with monthly payments. What is the market

11)

A bank makes a 30-year Fully Amortizing FRM for $1,000,000 at an annual interest rate of 4%, with monthly payments. What is the market value of this loan after 7 years of payments if the annual market rate is 8%? State your answer as a number rounded to two decimal points (e.g. if your answer is $45.5580, write 45.56)

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