Consider the following CMO: - Tranche A issued for $12 million with a coupon of 6.5% Tranche B issued for $4 million with a coupon of 6.5% - Z-Tranche issued for $4 million with a coupon of 6.5% The securities are backed by a pool of fully amortizing 30-year fixed rate mortgages with WAC equal to 6.5M and monthly payments. There is assumed to be a 5% CPR in this pool and no servicing fee. What does this graph represent? 250000 200000 150000 1 TB T 100000 ZEBRA 100000 50000 0 -A53 Itt IZI TET 141 151 161 171 181 191 TOZ 211 IZZ 231 241 251 261 271 281 291 301 311 321 TEE 341 ISE The remaining balance on each tranche Beginning balance on each tranche O Principal payments to each tranche O Cash flows to each tranche