An asset-backed security has the following expected monthly payments. The price of the security is $39,688,048. Month Payment Month Payment 1 $3,476,901 7 $3,347,427 2 $3,454,879 8 $3,324,660 3 $3,421,314 9 $3,311,945 4 $3,407,094 10 $3,288,657 5 $3,393,568 11 $3,275,078 6 $3,370,009 12 $3,257,323 (a) What is meant by an amortizing security? (b) What are the three components of cash flow in an amortizing security such as a mortgage-backed security? What assumptions typically are required to estimate the cash flows in an amortizing security? (c) What is meant by the cash flow yield?