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By how much has the value of the mortgage fallen

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Consider a 30-year, fixed-rate mortgage for $100,000 at a nominal rate of 9%. A 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: EM13509010

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