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The duration of a 200,000$ fixed rate, 15 year mortgage with a nominal annual rate of 5.5% is 7. Required: calculate the expected percentage change

The duration of a 200,000$ fixed rate, 15 year mortgage with a nominal annual rate of 5.5% is 7. Required: calculate the expected percentage change in value if the required rate decrease to 5% immediately after the mortgage is issued 1:06 AM

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