Question

Introduction to Mortgage Mathematics and Mortgage-Backed Securities

I NEED THE SOLUTIONS JUST FOR: 4,5,6,7,8 and 9. Thanks

1.(Level-Payment Mortgages) Compute the monthly payment on a 30-year level payment mortgage assuming an annual mortgage rate of 5% and an initial mortgage principal of $400,000. Submission Guideline: Give your answer rounded to two decimal places. For example, if you compute the answer to be $73.2367, submit 73.24.

2 (Mortgage Pass-Throughs) Consider a $400 million pass-through MBS that has just been created (so the 'seasoning' of the pass-through is equal to 0). The underlying pool of mortgages each has a maturity of 20 years and an annual mortgage coupon rate of 6%. The pass-through rate of the mortgage pool is 5%. Assuming a prepayment multiplier of 100 PSA what is the total amount of interest paid to the pass-through investors? Submission Guideline: Give your answer in millions rounded to two decimal places. For example, if you compute the answer to be $123,456,789,12, submit 123.46.

3 (Mortgage-Pass Throughs) Referring to the same mortgage pass-through of the previous question, what is the total amount of the prepayments? Submission Guideline: Give your answer in millions rounded to two decimal places. For example, if you compute the answer to be $123,456,789,12, submit 123.46.

4 (Mortgage-Pass Throughs) Referring to the same mortgage pass-through of the previous question, what is the total amount of the prepayments if the rate of prepayments increases to 200 PSA? Submission Guideline: Give your answer in millions rounded to two decimal places. For example, if you compute the answer to be $123,456,789,12, submit 123.46.

5 (Principal-Only MBS and Interest-Only MBS) Suppose we construct principal-only (PO) and interest-only (IO) mortgage-backed securities (MBS) using the mortgage pass-through of the previous questions. Assume a prepayment multiplier of 100 PSA. What is the present value of the PO MBS if we use an annual risk-free rate of 4.5% to value the cash-flows? Submission Guideline: Give your answer in millions rounded to two decimal places. For example, if you compute the answer to be $123,456,789,12, submit 123.46.

6. (Principal-Only MBS and Interest-Only MBS) Referring to the previous question, what is the value of the IO MBS? Submission Guideline: Give your answer in millions rounded to two decimal places. For example, if you compute the answer to be $123,456,789,12, submit 123.46.

7. (Principal-Only MBS and Interest-Only MBS) Referring to the previous question, what is the average life of the IO MBS? Submission Guideline: Give your answer in years rounded to two decimal places. For example, if you compute the answer to be 12.1234 years, submit 12.12.

8. (Principal-Only MBS and Interest-Only MBS) Suppose now that you purchased the IO MBS of the previous question and that the price you paid was the same price that you calculated in the previous question. The risk-free interest rate suddenly changes from 4.5% to 3.5%. Everything else stays the same. How much money have you made or lost on your investment? Submission Guideline: Give your answer in millions rounded to two decimal places. For example, if you compute the answer to be $123,456,789,12, submit 123.46.

9. (Principal-Only MBS and Interest-Only MBS) Referring to the previous question, suppose the risk-free interest rate suddenly changes from 4.5% to 3.5% and that the pre-payment multiplier changes from 100 PSA to 150 PSA. How much money have you made or lost on your investment in the IO MBS? Submission Guideline: Give your answer in millions rounded to two decimal places. For example, if you compute the answer to be $123,456,789,12, submit 123.46

Answer 1

1)

Formula :

Monthly Payments = Loan Amount/Present value of Annuity Factor(r,N)

Given Loan Amount = $400000

r = 5%/12 =0.4167%

N = 30*12 = 360

Payments per month = -$2147.29

2)

Total Monthly interest paid to pass through investors = $171.18 Million

3) Total Amount of prepayment = $ 181.09 Million

4)

Total Amount of prepayment = $ 268.02 Million

Workings:

Mortgage Balance		$400
Mortgage Rate		6.00%
Pass-Through Rate		5.00%
Initial Monthly Payment		$2.866
Seasoning (Months)		0
Term of Loan (Months)		240

	Conditional	Single-Monthly	Beginning		Monthly Interest	Monthly Interest	Scheduled		Total	Ending
	Prepayment	Mortality	Monthly	Monthly	Paid In By	Paid Out To Pass-	Principal		Principal	Mortgage
Month	Rate (CPR)	(SMM) Rate	Balance	Payment	Mortgage Holders	Through Investors	Repayment	Prepayment	Payment	Balance
1	0.20%	0.02%	400	2.866	2.00	1.67	0.866	0.067	0.932	399.07
2	0.40%	0.03%	399	2.865	2.00	1.66	0.870	0.133	1.003	398.06
3	0.60%	0.05%	398	2.864	1.99	1.66	0.874	0.199	1.073	396.99
4	0.80%	0.07%	397	2.863	1.98	1.65	0.878	0.265	1.143	395.85
5	1.00%	0.08%	396	2.861	1.98	1.65	0.882	0.331	1.212	394.64
6	1.20%	0.10%	395	2.859	1.97	1.64	0.885	0.396	1.281	393.36
7	1.40%	0.12%	393	2.856	1.97	1.64	0.889	0.461	1.350	392.01
8	1.60%	0.13%	392	2.852	1.96	1.63	0.892	0.525	1.418	390.59
9	1.80%	0.15%	391	2.848	1.95	1.63	0.896	0.589	1.485	389.10
10	2.00%	0.17%	389	2.844	1.95	1.62	0.899	0.653	1.552	387.55
11	2.20%	0.19%	388	2.839	1.94	1.61	0.902	0.716	1.618	385.93
12	2.40%	0.20%	386	2.834	1.93	1.61	0.904	0.779	1.683	384.25
13	2.60%	0.22%	384	2.828	1.92	1.60	0.907	0.841	1.748	382.50
14	2.80%	0.24%	383	2.822	1.91	1.59	0.910	0.902	1.812	380.69
15	3.00%	0.25%	381	2.816	1.90	1.59	0.912	0.963	1.875	378.82
16	3.20%	0.27%	379	2.808	1.89	1.58	0.914	1.023	1.937	376.88
17	3.40%	0.29%	377	2.801	1.88	1.57	0.916	1.082	1.999	374.88
18	3.60%	0.31%	375	2.793	1.87	1.56	0.918	1.141	2.059	372.82
19	3.80%	0.32%	373	2.784	1.86	1.55	0.920	1.199	2.119	370.70
20	4.00%	0.34%	371	2.775	1.85	1.54	0.922	1.256	2.178	368.52
21	4.20%	0.36%	369	2.766	1.84	1.54	0.923	1.312	2.235	366.29
22	4.40%	0.37%	366	2.756	1.83	1.53	0.924	1.367	2.292	364.00
23	4.60%	0.39%	364	2.746	1.82	1.52	0.926	1.422	2.348	361.65
24	4.80%	0.41%	362	2.735	1.81	1.51	0.927	1.476	2.402	359.25
25	5.00%	0.43%	359	2.724	1.80	1.50	0.927	1.528	2.456	356.79
26	5.20%	0.44%	357	2.712	1.78	1.49	0.928	1.580	2.508	354.28
27	5.40%	0.46%	354	2.700	1.77	1.48	0.929	1.631	2.559	351.72
28	5.60%	0.48%	352	2.688	1.76	1.47	0.929	1.681	2.610	349.11
29	5.80%	0.50%	349	2.675	1.75	1.45	0.929	1.729	2.658	346.46
30	6.00%	0.51%	346	2.661	1.73	1.44	0.929	1.777	2.706	343.75
31	6.00%	0.51%	344	2.648	1.72	1.43	0.929	1.763	2.692	341.06
32	6.00%	0.51%	341	2.634	1.71	1.42	0.929	1.749	2.678	338.38
33	6.00%	0.51%	338	2.621	1.69	1.41	0.929	1.736	2.664	335.72
34	6.00%	0.51%	336	2.607	1.68	1.40	0.928	1.722	2.650	333.07
35	6.00%	0.51%	333	2.594	1.67	1.39	0.928	1.708	2.637	330.43
36	6.00%	0.51%	330	2.580	1.65	1.38	0.928	1.695	2.623	327.81
37	6.00%	0.51%	328	2.567	1.64	1.37	0.928	1.681	2.609	325.20
38	6.00%	0.51%	325	2.554	1.63	1.35	0.928	1.668	2.596	322.60
39	6.00%	0.51%	323	2.541	1.61	1.34	0.928	1.654	2.582	320.02
40	6.00%	0.51%	320	2.528	1.60	1.33	0.928	1.641	2.569	317.45
41	6.00%	0.51%	317	2.515	1.59	1.32	0.927	1.628	2.555	314.90
42	6.00%	0.51%	315	2.502	1.57	1.31	0.927	1.615	2.542	312.35
43	6.00%	0.51%	312	2.489	1.56	1.30	0.927	1.602	2.529	309.82
44	6.00%	0.51%	310	2.476	1.55	1.29	0.927	1.589	2.516	307.31
45	6.00%	0.51%	307	2.463	1.54	1.28	0.927	1.576	2.502	304.81
46	6.00%	0.51%	305	2.451	1.52	1.27	0.927	1.563	2.489	302.32
47	6.00%	0.51%	302	2.438	1.51	1.26	0.926	1.550	2.477	299.84
48	6.00%	0.51%	300	2.426	1.50	1.25	0.926	1.537	2.464	297.38
49	6.00%	0.51%	297	2.413	1.49	1.24	0.926	1.525	2.451	294.93
50	6.00%	0.51%	295	2.401	1.47	1.23	0.926	1.512	2.438	292.49
51	6.00%	0.51%	292	2.388	1.46	1.22	0.926	1.500	2.425	290.06
52	6.00%	0.51%	290	2.376	1.45	1.21	0.926	1.487	2.413	287.65
53	6.00%	0.51%	288	2.364	1.44	1.20	0.926	1.475	2.400	285.25
54	6.00%	0.51%	285	2.352	1.43	1.19	0.925	1.462	2.388	282.86
55	6.00%	0.51%	283	2.340	1.41	1.18	0.925	1.450	2.375	280.49
56	6.00%	0.51%	280	2.327	1.40	1.17	0.925	1.438	2.363	278.12
57	6.00%	0.51%	278	2.316	1.39	1.16	0.925	1.426	2.351	275.77
58	6.00%	0.51%	276	2.304	1.38	1.15	0.925	1.414	2.338	273.44
59	6.00%	0.51%	273	2.292	1.37	1.14	0.925	1.402	2.326	271.11
60	6.00%	0.51%	271	2.280	1.36	1.13	0.924	1.390	2.314	268.80
61	6.00%	0.51%	269	2.268	1.34	1.12	0.924	1.378	2.302	266.49
62	6.00%	0.51%	266	2.257	1.33	1.11	0.924	1.366	2.290	264.20
63	6.00%	0.51%	264	2.245	1.32	1.10	0.924	1.354	2.278	261.93
64	6.00%	0.51%	262	2.233	1.31	1.09	0.924	1.342	2.266	259.66
65	6.00%	0.51%	260	2.222	1.30	1.08	0.924	1.331	2.254	257.40
66	6.00%	0.51%	257	2.211	1.29	1.07	0.923	1.319	2.243	255.16
67	6.00%	0.51%	255	2.199	1.28	1.06	0.923	1.308	2.231	252.93
68	6.00%	0.51%	253	2.188	1.26	1.05	0.923	1.296	2.219	250.71
69	6.00%	0.51%	251	2.177	1.25	1.04	0.923	1.285	2.208	248.50
70	6.00%	0.51%	249	2.165	1.24	1.04	0.923	1.273	2.196	246.31
71	6.00%	0.51%	246	2.154	1.23	1.03	0.923	1.262	2.185	244.12
72	6.00%	0.51%	244	2.143	1.22	1.02	0.923	1.251	2.173	241.95
73	6.00%	0.51%	242	2.132	1.21	1.01	0.922	1.240	2.162	239.79
74	6.00%	0.51%	240	2.121	1.20	1.00	0.922	1.228	2.151	237.64
75	6.00%	0.51%	238	2.110	1.19	0.99	0.922	1.217	2.140	235.50
76	6.00%	0.51%	235	2.099	1.18	0.98	0.922	1.206	2.128	233.37
77	6.00%	0.51%	233	2.089	1.17	0.97	0.922	1.195	2.117	231.25
78	6.00%	0.51%	231	2.078	1.16	0.96	0.922	1.185	2.106	229.15
79	6.00%	0.51%	229	2.067	1.15	0.95	0.921	1.174	2.095	227.05
80	6.00%	0.51%	227	2.057	1.14	0.95	0.921	1.163	2.084	224.97
81	6.00%	0.51%	225	2.046	1.12	0.94	0.921	1.152	2.073	222.89
82	6.00%	0.51%	223	2.035	1.11	0.93	0.921	1.142	2.063	220.83
83	6.00%	0.51%	221	2.025	1.10	0.92	0.921	1.131	2.052	218.78
84	6.00%	0.51%	219	2.015	1.09	0.91	0.921	1.120	2.041	216.74
85	6.00%	0.51%	217	2.004	1.08	0.90	0.921	1.110	2.030	214.71
86	6.00%	0.51%	215	1.994	1.07	0.89	0.920	1.100	2.020	212.69
87	6.00%	0.51%	213	1.984	1.06	0.89	0.920	1.089	2.009	210.68
88	6.00%	0.51%	211	1.973	1.05	0.88	0.920	1.079	1.999	208.68
89	6.00%	0.51%	209	1.963	1.04	0.87	0.920	1.069	1.988	206.69
90	6.00%	0.51%	207	1.953	1.03	0.86	0.920	1.058	1.978	204.71
91	6.00%	0.51%	205	1.943	1.02	0.85	0.920	1.048	1.968	202.74
92	6.00%	0.51%	203	1.933	1.01	0.84	0.919	1.038	1.957	200.79
93	6.00%	0.51%	201	1.923	1.00	0.84	0.919	1.028	1.947	198.84
94	6.00%	0.51%	199	1.913	0.99	0.83	0.919	1.018	1.937	196.90
95	6.00%	0.51%	197	1.903	0.98	0.82	0.919	1.008	1.927	194.98
96	6.00%	0.51%	195	1.894	0.97	0.81	0.919	0.998	1.917	193.06
97	6.00%	0.51%	193	1.884	0.97	0.80	0.919	0.988	1.907	191.15
98	6.00%	0.51%	191	1.874	0.96	0.80	0.919	0.978	1.897	189.26
99	6.00%	0.51%	189	1.865	0.95	0.79	0.918	0.969	1.887	187.37
100	6.00%	0.51%	187	1.855	0.94	0.78	0.918	0.959	1.877	185.49
101	6.00%	0.51%	185	1.846	0.93	0.77	0.918	0.949	1.867	183.62
102	6.00%	0.51%	184	1.836	0.92	0.77	0.918	0.940	1.858	181.77
103	6.00%	0.51%	182	1.827	0.91	0.76	0.918	0.930	1.848	179.92
104	6.00%	0.51%	180	1.817	0.90	0.75	0.918	0.921	1.838	178.08
105	6.00%	0.51%	178	1.808	0.89	0.74	0.917	0.911	1.829	176.25
106	6.00%	0.51%	176	1.799	0.88	0.73	0.917	0.902	1.819	174.43
107	6.00%	0.51%	174	1.789	0.87	0.73	0.917	0.892	1.810	172.62
108	6.00%	0.51%	173	1.780	0.86	0.72	0.917	0.883	1.800	170.82
109	6.00%	0.51%	171	1.771	0.85	0.71	0.917	0.874	1.791	169.03
110	6.00%	0.51%	169	1.762	0.85	0.70	0.917	0.865	1.781	167.25
111	6.00%	0.51%	167	1.753	0.84	0.70	0.917	0.855	1.772	165.48
112	6.00%	0.51%	165	1.744	0.83	0.69	0.916	0.846	1.763	163.72
113	6.00%	0.51%	164	1.735	0.82	0.68	0.916	0.837	1.753	161.96
114	6.00%	0.51%	162	1.726	0.81	0.67	0.916	0.828	1.744	160.22
115	6.00%	0.51%	160	1.717	0.80	0.67	0.916	0.819	1.735	158.48
116	6.00%	0.51%	158	1.708	0.79	0.66	0.916	0.810	1.726	156.76
117	6.00%	0.51%	157	1.699	0.78	0.65	0.916	0.801	1.717	155.04
118	6.00%	0.51%	155	1.691	0.78	0.65	0.915	0.793	1.708	153.33
119	6.00%	0.51%	153	1.682	0.77	0.64	0.915	0.784	1.699	151.63
120	6.00%	0.51%	152	1.673	0.76	0.63	0.915	0.775	1.690	149.94
121	6.00%	0.51%	150	1.665	0.75	0.62	0.915	0.766	1.681	148.26
122	6.00%	0.51%	148	1.656	0.74	0.62	0.915	0.758	1.673	146.59
123	6.00%	0.51%	147	1.648	0.73	0.61	0.915	0.749	1.664	144.93
124	6.00%	0.51%	145	1.639	0.72	0.60	0.914	0.741	1.655	143.27
125	6.00%	0.51%	143	1.631	0.72	0.60	0.914	0.732	1.646	141.62
126	6.00%	0.51%	142	1.622	0.71	0.59	0.914	0.724	1.638	139.99
127	6.00%	0.51%	140	1.614	0.70	0.58	0.914	0.715	1.629	138.36
128	6.00%	0.51%	138	1.606	0.69	0.58	0.914	0.707	1.621	136.74
129	6.00%	0.51%	137	1.597	0.68	0.57	0.914	0.699	1.612	135.12
130	6.00%	0.51%	135	1.589	0.68	0.56	0.914	0.690	1.604	133.52
131	6.00%	0.51%	134	1.581	0.67	0.56	0.913	0.682	1.595	131.92
132	6.00%	0.51%	132	1.573	0.66	0.55	0.913	0.674	1.587	130.34
133	6.00%	0.51%	130	1.565	0.65	0.54	0.913	0.666	1.579	128.76
134	6.00%	0.51%	129	1.557	0.64	0.54	0.913	0.658	1.570	127.19
135	6.00%	0.51%	127	1.549	0.64	0.53	0.913	0.649	1.562	125.63
136	6.00%	0.51%	126	1.541	0.63	0.52	0.913	0.641	1.554	124.07
137	6.00%	0.51%	124	1.533	0.62	0.52	0.912	0.633	1.546	122.53
138	6.00%	0.51%	123	1.525	0.61	0.51	0.912	0.625	1.538	120.99
139	6.00%	0.51%	121	1.517	0.60	0.50	0.912	0.618	1.530	119.46
140	6.00%	0.51%	119	1.509	0.60	0.50	0.912	0.610	1.522	117.94
141	6.00%	0.51%	118	1.502	0.59	0.49	0.912	0.602	1.514	116.42
142	6.00%	0.51%	116	1.494	0.58	0.49	0.912	0.594	1.506	114.92
143	6.00%	0.51%	115	1.486	0.57	0.48	0.912	0.586	1.498	113.42
144	6.00%	0.51%	113	1.479	0.57	0.47	0.911	0.579	1.490	111.93
145	6.00%	0.51%	112	1.471	0.56	0.47	0.911	0.571	1.482	110.45
146	6.00%	0.51%	110	1.463	0.55	0.46	0.911	0.563	1.474	108.97
147	6.00%	0.51%	109	1.456	0.54	0.45	0.911	0.556	1.467	107.51
148	6.00%	0.51%	108	1.448	0.54	0.45	0.911	0.548	1.459	106.05
149	6.00%	0.51%	106	1.441	0.53	0.44	0.911	0.541	1.451	104.60
150	6.00%	0.51%	105	1.433	0.52	0.44	0.910	0.533	1.444	103.15
151	6.00%	0.51%	103	1.426	0.52	0.43	0.910	0.526	1.436	101.72
152	6.00%	0.51%	102	1.419	0.51	0.42	0.910	0.518	1.429	100.29
153	6.00%	0.51%	100	1.411	0.50	0.42	0.910	0.511	1.421	98.87
154	6.00%	0.51%	99	1.404	0.49	0.41	0.910	0.504	1.414	97.45
155	6.00%	0.51%	97	1.397	0.49	0.41	0.910	0.497	1.406	96.05
156	6.00%	0.51%	96	1.390	0.48	0.40	0.910	0.489	1.399	94.65
157	6.00%	0.51%	95	1.383	0.47	0.39	0.909	0.482	1.392	93.26
158	6.00%	0.51%	93	1.376	0.47	0.39	0.909	0.475	1.384	91.87
159	6.00%	0.51%	92	1.368	0.46	0.38	0.909	0.468	1.377	90.49
160	6.00%	0.51%	90	1.361	0.45	0.38	0.909	0.461	1.370	89.12
161	6.00%	0.51%	89	1.354	0.45	0.37	0.909	0.454	1.362	87.76
162	6.00%	0.51%	88	1.347	0.44	0.37	0.909	0.447	1.355	86.41
163	6.00%	0.51%	86	1.341	0.43	0.36	0.908	0.440	1.348	85.06
164	6.00%	0.51%	85	1.334	0.43	0.35	0.908	0.433	1.341	83.72
165	6.00%	0.51%	84	1.327	0.42	0.35	0.908	0.426	1.334	82.38
166	6.00%	0.51%	82	1.320	0.41	0.34	0.908	0.419	1.327	81.06
167	6.00%	0.51%	81	1.313	0.41	0.34	0.908	0.412	1.320	79.74
168	6.00%	0.51%	80	1.306	0.40	0.33	0.908	0.405	1.313	78.42
169	6.00%	0.51%	78	1.300	0.39	0.33	0.908	0.399	1.306	77.12
170	6.00%	0.51%	77	1.293	0.39	0.32	0.907	0.392	1.299	75.82
171	6.00%	0.51%	76	1.286	0.38	0.32	0.907	0.385	1.293	74.52
172	6.00%	0.51%	75	1.280	0.37	0.31	0.907	0.379	1.286	73.24
173	6.00%	0.51%	73	1.273	0.37	0.31	0.907	0.372	1.279	71.96
174	6.00%	0.51%	72	1.267	0.36	0.30	0.907	0.365	1.272	70.69
175	6.00%	0.51%	71	1.260	0.35	0.29	0.907	0.359	1.266	69.42
176	6.00%	0.51%	69	1.254	0.35	0.29	0.907	0.352	1.259	68.16
177	6.00%	0.51%	68	1.247	0.34	0.28	0.906	0.346	1.252	66.91
178	6.00%	0.51%	67	1.241	0.33	0.28	0.906	0.339	1.246	65.67
179	6.00%	0.51%	66	1.234	0.33	0.27	0.906	0.333	1.239	64.43
180	6.00%	0.51%	64	1.228	0.32	0.27	0.906	0.327	1.233	63.19
181	6.00%	0.51%	63	1.222	0.32	0.26	0.906	0.320	1.226	61.97
182	6.00%	0.51%	62	1.215	0.31	0.26	0.906	0.314	1.220	60.75
183	6.00%	0.51%	61	1.209	0.30	0.25	0.905	0.308	1.213	59.53
184	6.00%	0.51%	60	1.203	0.30	0.25	0.905	0.302	1.207	58.33
185	6.00%	0.51%	58	1.197	0.29	0.24	0.905	0.295	1.200	57.13
186	6.00%	0.51%	57	1.191	0.29	0.24	0.905	0.289	1.194	55.93
187	6.00%	0.51%	56	1.184	0.28	0.23	0.905	0.283	1.188	54.75
188	6.00%	0.51%	55	1.178	0.27	0.23	0.905	0.277	1.182	53.56
189	6.00%	0.51%	54	1.172	0.27	0.22	0.905	0.271	1.175	52.39
190	6.00%	0.51%	52	1.166	0.26	0.22	0.904	0.265	1.169	51.22
191	6.00%	0.51%	51	1.160	0.26	0.21	0.904	0.259	1.163	50.06
192	6.00%	0.51%	50	1.154	0.25	0.21	0.904	0.253	1.157	48.90
193	6.00%	0.51%	49	1.148	0.24	0.20	0.904	0.247	1.151	47.75
194	6.00%	0.51%	48	1.143	0.24	0.20	0.904	0.241	1.145	46.60
195	6.00%	0.51%	47	1.137	0.23	0.19	0.904	0.235	1.139	45.47
196	6.00%	0.51%	45	1.131	0.23	0.19	0.903	0.229	1.133	44.33
197	6.00%	0.51%	44	1.125	0.22	0.18	0.903	0.223	1.127	43.21
198	6.00%	0.51%	43	1.119	0.22	0.18	0.903	0.218	1.121	42.09
199	6.00%	0.51%	42	1.113	0.21	0.18	0.903	0.212	1.115	40.97
200	6.00%	0.51%	41	1.108	0.20	0.17	0.903	0.206	1.109	39.86
201	6.00%	0.51%	40	1.102	0.20	0.17	0.903	0.200	1.103	38.76
202	6.00%	0.51%	39	1.096	0.19	0.16	0.903	0.195	1.097	37.66
203	6.00%	0.51%	38	1.091	0.19	0.16	0.902	0.189	1.091	36.57
204	6.00%	0.51%	37	1.085	0.18	0.15	0.902	0.183	1.086	35.48
205	6.00%	0.51%	35	1.080	0.18	0.15	0.902	0.178	1.080	34.40
206	6.00%	0.51%	34	1.074	0.17	0.14	0.902	0.172	1.074	33.33
207	6.00%	0.51%	33	1.068	0.17	0.14	0.902	0.167	1.069	32.26
208	6.00%	0.51%	32	1.063	0.16	0.13	0.902	0.161	1.063	31.20
209	6.00%	0.51%	31	1.057	0.16	0.13	0.901	0.156	1.057	30.14
210	6.00%	0.51%	30	1.052	0.15	0.13	0.901	0.150	1.052	29.09
211	6.00%	0.51%	29	1.047	0.15	0.12	0.901	0.145	1.046	28.04
212	6.00%	0.51%	28	1.041	0.14	0.12	0.901	0.140	1.041	27.00
213	6.00%	0.51%	27	1.036	0.14	0.11	0.901	0.134	1.035	25.97
214	6.00%	0.51%	26	1.031	0.13	0.11	0.901	0.129	1.030	24.94
215	6.00%	0.51%	25	1.025	0.12	0.10	0.901	0.124	1.024	23.91
216	6.00%	0.51%	24	1.020	0.12	0.10	0.900	0.118	1.019	22.90
217	6.00%	0.51%	23	1.015	0.11	0.10	0.900	0.113	1.013	21.88
218	6.00%	0.51%	22	1.010	0.11	0.09	0.900	0.108	1.008	20.87
219	6.00%	0.51%	21	1.004	0.10	0.09	0.900	0.103	1.003	19.87
220	6.00%	0.51%	20	0.999	0.10	0.08	0.900	0.098	0.997	18.87
221	6.00%	0.51%	19	0.994	0.09	0.08	0.900	0.092	0.992	17.88
222	6.00%	0.51%	18	0.989	0.09	0.07	0.899	0.087	0.987	16.89
223	6.00%	0.51%	17	0.984	0.08	0.07	0.899	0.082	0.982	15.91
224	6.00%	0.51%	16	0.979	0.08	0.07	0.899	0.077	0.976	14.94
225	6.00%	0.51%	15	0.974	0.07	0.06	0.899	0.072	0.971	13.97
226	6.00%	0.51%	14	0.969	0.07	0.06	0.899	0.067	0.966	13.00
227	6.00%	0.51%	13	0.964	0.06	0.05	0.899	0.062	0.961	12.04
228	6.00%	0.51%	12	0.959	0.06	0.05	0.899	0.057	0.956	11.08
229	6.00%	0.51%	11	0.954	0.06	0.05	0.898	0.052	0.951	10.13
230	6.00%	0.51%	10	0.949	0.05	0.04	0.898	0.047	0.946	9.19
231	6.00%	0.51%	9	0.944	0.05	0.04	0.898	0.043	0.941	8.25
232	6.00%	0.51%	8	0.939	0.04	0.03	0.898	0.038	0.936	7.31
233	6.00%	0.51%	7	0.934	0.04	0.03	0.898	0.033	0.931	6.38
234	6.00%	0.51%	6	0.930	0.03	0.03	0.898	0.028	0.926	5.45
235	6.00%	0.51%	5	0.925	0.03	0.02	0.898	0.023	0.921	4.53
236	6.00%	0.51%	5	0.920	0.02	0.02	0.897	0.019	0.916	3.62
237	6.00%	0.51%	4	0.915	0.02	0.02	0.897	0.014	0.911	2.70
238	6.00%	0.51%	3	0.911	0.01	0.01	0.897	0.009	0.906	1.80
239	6.00%	0.51%	2	0.906	0.01	0.01	0.897	0.005	0.902	0.90
240	6.00%	0.51%	1	0.901	0.00	0.00	0.897	0.000	0.897	0.00