You work for an investment company that is considering the purchase of a seasoned mortgage loan that was originated two years ago. The original principal amount of the loan was $2,000,000 and it has an interest rate of 8%, a 15-year term and amortization period, monthly payments, and no prepayment penalty. You decide to value the loan based on the assumption that the loan is held to full maturity (i.e., there is no prepayment). Since interest rates have fallen somewhat in the past year, you offer a price based upon a required return or yield to maturity of 7.25%.