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A group of loans pooled for securitization

A group of loans pooled for securitization is expected to yield a return of 23%. The coupon rate promised to investors on securities issued against the pool of loans is 6%. The default (charge-off) rate is expected to be 4.5%. The fee to compensate a servicing institution for collecting payments on the loans is 2%. Fees are set up credit and liquidity enhancements are 3%. The fee for advice on how to set up the pool of securitized loans is 1%. What is the residual income on this pool of loans?

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