A newly issue CMO's mortgage pool has a balance of $87.59 million with an average interest rate of 11.29% payable annually over a five-year term. There are two tranches. Priority payments will be made to Tranche A and will include the coupon, all amortization from the mortgage pool, and the interest that will be accrued to Tranche Z until Tranche A's principal is fully repaid. Tranche Z will accrue interest without any cash payments until the senior tranche is repaid. It will receive current interest and principal payments at that time. Tranche A has a principal balance of $44.48 million with an annual coupon of 7.93%. Tranche Z has a principal balance of $36.95 million with an annual coupon of 11.29%. What will be equity's annual cash flow in the year immediately after Tranche A has been fully repaid? $643,304 $660,691 O $678,077 $695,464 $712,851 A newly issue CMO's mortgage pool has a balance of $87.59 million with an average interest rate of 11.29% payable annually over a five-year term. There are two tranches. Priority payments will be made to Tranche A and will include the coupon, all amortization from the mortgage pool, and the interest that will be accrued to Tranche Z until Tranche A's principal is fully repaid. Tranche Z will accrue interest without any cash payments until the senior tranche is repaid. It will receive current interest and principal payments at that time. Tranche A has a principal balance of $44.48 million with an annual coupon of 7.93%. Tranche Z has a principal balance of $36.95 million with an annual coupon of 11.29%. What will be equity's annual cash flow in the year immediately after Tranche A has been fully repaid? $643,304 $660,691 O $678,077 $695,464 $712,851