49. A lender has retained the right to service a mortgage loan whose balance is $100,000 and whose monthly payment is $678. If the lender charges an annual service fee of 0.36%, how much will the lender forward to the debt-security investor this month?

1. $648
2. $720
3. $750
4. $31.25

50. The direct income capitalization model employs .. time horizon:

A. an infinite

B. a 5-to-10 year

C. lagged

D. variable