A loan was funded three years ago with the following terms: Loan amount:

$450,000

; Term to maturity: 30 years; Interest rate:

5%

; Monthly payment:

$2,415.70

.\ Suppose interest rates have risen to

6%

and the loan is anticipated to stay open for three more years. How much would the loan sell for in the secondary market given that the payoff balance the successor lender will receive in the 36th month of their holding period will be

$407,708.89?

A loan was funded three years ago with the following terms: Loan amount: $450,000; Term to maturity: 30 years; Interest rate: 5%; Monthly payment: $2,415.70. Suppose interest rates have risen to 6% and the loan is anticipated to stay open for three more years. How much would the loan sell for in the secondary market given that the payoff balance the successor lender will receive in the 36th month of their holding period will be $407,708.89