Question: Problem 1 : A bank has 3 0 year fixed rate mortgage loans with an at issue value of $ 6 0 million. The mortgages

Problem 1:
A bank has 30 year fixed rate mortgage loans with an at issue value of $60 million. The mortgages were originated with a 7% coupon and yield rate, but now current mortgage rates are 6%. The mortgages are expected to all be prepaid in exactly 11 years. What is the duration of the mortgages?
Problem 1: A bank has 30 year fixed rate mortgage loans

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