You are working with a pool of 1,000 mortgages. Each mortgage is for $100,000 and has a stated annual interest rate (nominal) of 6.00%. The mortgages are all 30 year fixed rate and fully amortizing. Mortgage servicing fees are currently 0.25% annually. Complete the following table.
|
(1) |
(2) |
(3) |
(4) |
(5) |
(6) |
(7) |
|
|
Month |
|||||||
|
1 |
100,000,000 |
500,000 |
99,551 |
16,665 |
|||
|
2 |
33,322 |
99,750,430 |