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5. A special purpose entity issues asset- backed securities in the following structure. Bond Class Par Value ( millions) 200 A (senior) B (subordinated) 20

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5. A special purpose entity issues asset- backed securities in the following structure. Bond Class Par Value ( millions) 200 A (senior) B (subordinated) 20 C (subordinated) At which of the following amounts of default in par value would Bond Class A experience a loss? A. 20 million B. 25 million C. 26 million

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