One Hundred Identical Mortgages Are Pooled Together into a Pass-Through

Multiple Choice

One hundred identical mortgages are pooled together into a pass-through security.Each mortgage has a $150,000 principal, a fixed annual interest rate of 8 percent (paid monthly) , and is fully amortized over a term of 30 years. What is the weighted average life of the above mortgage pool?

A) 30 years.
B) 2 months.
C) 1.998 months.
D) 1 month.
E) 1.5 months.