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A CMO has been issued with 3 tranches and a residual. At origination:
- Tranche A investors own $48 million of principal with a coupon rate of 3.50%.
- Tranche B investors own $12 million of principal with a coupon rate of 3.70%.
- Tranche Z investors own $13 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 balance on the Z-tranche at the end of the first month (same as the balance at beginning of the second month)? Round your answers to cents (e.g. if your answer is $56000.0444, write 56000.04)
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