A newly issued mortgage pass-through security (MPT) consists of the following six loans:

A $950,000 loan for 25 years at 4.5% APR

A $750,000 loan for 30 years at 5.3% APR

A $650,000 loan for 25 years at 6.5% APR

A $600,000 loan for 20 years at 6% APR

A $550,000 loan for 10 years at 5.5% APR

A $500,000 loan for 15 years at 5% APR

This pool of mortgages is held in trust by a trustee who extracts a fee of 1.2% of the cash flow.

a) If an investor decides to purchase this MPT, what precisely are they purchasing?

b) How many years will it take for this security to mature?

c) What is the coupon rate for this security?