A Financial Institution (FI) originates a pool of 500 30-year mortgages with monthly payments, each averaging $150,000 with a mortgage coupon rate of 8 percent. Assume that the entire mortgage portfolio is securitized to be sold as GNMA pass-throughs. The GNMA credit risk insurance fee is 6 basis points and that the FI's servicing fee is 19 basis points. Assume no prepayments. (15 points) a. What is the monthly mortgage payment? (4 points) b. What are the expected monthly cash flows to GNMA bondholders? (3 points) c. What is the present value of the GNMA pass-through bonds? Assume that the riskadjusted market annual rate of return is 7.75%. ( 2 points) d. What are the expected monthly cash flows (fees) for the FI and GNMA? (6 points)