Question: A bank makes a 30 year Fully Amortizing FRM for $1,000,000 at an annual interest rate of 4.13% compounded monthly, with monthly payments. What is

A bank makes a 30 year Fully Amortizing FRM for $1,000,000 at an annual interest rate of 4.13% compounded monthly, with monthly payments. What is the difference between the loan balance and the market value of this loan after 7 years of payments if the annual interest rate for this loan is 10% compounded monthly? (state the absolute value of the difference, i.e. the number should be positive even if the balance is lower than the market value)

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