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How much has the value of the mortgage fallen

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Reference no: EM131127864

Consider a 30-year fixed-rate mortgage for $100,000 at a nominal rate of 9%. An S&L issues this mortgage on April 1 and retains the mortgage in its portfolio.

However, by April 2 mortgage rates have increased to a 9.5% nominal rate. By how much has the value of the mortgage fallen?

Reference no: EM131127864

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