What is the present value of a $10 million pool of 30-year mortgages with an 12.5 percent per year monthly mortgage coupon if market rates are 9 percent? The GNMA guarantee fee is 4 basis points and the FI servicing fee is 46 basis points. a. Assume that the GNMA pass-through is fully amortized. b. Assume that the GNMA pass-through is only half amortized. Market rates are still 9 percent. If there is a lump sum payment at the maturity of the GNMA pass-through that equals 60 percent of the mortgage pool's face value, find the present value of the pass-through. (Enter your answers in dollars not in millions. Do not round intermediate calculations. Round your answers to the nearest dollar amount.)

a. Present value Present value b