3. Calculate the duration of a $IOO,OOO fixed-rate 30- year mortgage with a nominal annual rate of...
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3. Calculate the duration of a $IOO,OOO fixed-rate 30-
year mortgage with a nominal annual rate of 7.0%.
What is the expected percentage change in value if the required tate drops to 6.596 immediately after the mortgage is issued?
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Related Book For 
Financial Markets and Institutions
ISBN: 978-0321280299
5th edition
Authors: Frederic S. Mishkin, Stanley G. Eakins
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