What is the present value of a $12 million pool of 15-year mortgages with an 13.5 percent per year monthly mortgage coupon if market rates are 10 percent? The GNMA guarantee fee is 6 basis points and the FI servicing fee is 44 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 10 percent. If there is a lump sum payment at the maturity of the GNMA pass-through that equals 50 percent of the mortgage pool's face value, find the present value of the pass-through.