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RSB Bank uses pass-through securitisation. The bank has recently pooled 3400 identical mortgages into a pass-through security. Each mortgage has a fixed annual interest rate
RSB Bank uses pass-through securitisation. The bank has recently pooled 3400 identical mortgages into a pass-through security. Each mortgage has a fixed annual interest rate of 10% paid monthly and a maturity of 20 years. The principal of each mortgage is $548,000. What is the amount of interest payment included in the second monthly payment? (Round your answer to the nearest integer, i.e. without decimals and please do not show the $ sign in the answer e.g. if the answer is $1532.63, show 1533)
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