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PUT ANSWER IN TWO DECIMAL PLACES 15. Five years ago a bank issued a 15-year commercial mortgage at 4.8% with an initial balance of $900,000.

PUT ANSWER IN TWO DECIMAL PLACES image text in transcribed
15. Five years ago a bank issued a 15-year commercial mortgage at 4.8% with an initial balance of $900,000. Today market interest rates are 4.1% What would be the current value of the mortgage in the marketplace? (In other words, how much would it cost another bank to buy the remaining 10 years of cash flows?) Please enter a positive value and two decimal places

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