Find mortgage pool starting balance at origination

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A CMO has been issued with 3 tranches and a residual. At origination:

- Tranche A investors own $16 million of principal with a coupon rate of 3.50%.

- Tranche B investors own $14 million of principal with a coupon rate of 3.70%.

- Tranche Z investors own $14 million of principal with a coupon rate of 4.50%. The residual carries $1 million and receives all residual payments. Mortgages backing the security issued are fully amortizing fixed rate with mortgage rate of 4.50% with 30 year maturities and monthly payments. Assume no servicing/guarantee fee and no prepayments. What is the mortgage pool's starting balance at origination? Round your answers to cents (e.g. if your answer is $56000.0444, write 56000.04).

Reference no: EM132704998

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