What is the present value of a $22 million pool of 15-year mortgages with an 9.5 percent per year monthly mortgage coupon if market rates are 6 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 6 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. (For all requirements, enter your answers in dollars not in millions. Do not round intermediate calculations. Round your answers to the nearest dollar amount.)