在FRM備考沖刺階段，什么是重要的？小編認(rèn)為當(dāng)然是FRM真題的練習(xí)了，尤其是近兩年的FRM真題練習(xí)，下文是小編列舉的相關(guān)真題，送給備考的你！

If a pool of mortgage loans begins the month with a balance of $10,500,000, has a scheduled principal payment of $54,800, and ends the month with a balance of $9,800,000, what is the CPR for this month?

A) 6.177%》》》戳：各科視頻講義+歷年真題+21年原版書(shū)（PDF版）免·費(fèi)領(lǐng)取

B) 42.240%

C) 53.472%

答案：C

解析：We use the following formulas: SMM = (prepayment/beg. bal - scheduled principal payment) and (1 - SMM)12 = (1 - CPR).

Prepayment = actual payment - scheduled payment = ($10,500,000 - $9,800,000) - $54,800 = $700,000 - $54,800 = $645,200.

So: $645,200/($10,500,000-$54,800)=0.06177 and CPR=1- (1- 0.06177)12 = 0.5347 = 53.47%

How many of the following statements concerning the capital structure in a securitization are most likely correct?

Ⅰ.The senior tranche is typically the smallest tranche size while the equity tranch

is usually the largest tranch size.

Ⅱ.The equity tranches typically offer fixed coupons.

Ⅲ.The senior tranche typically receives the highest coupon.

A) Zero statements are correct.

B) One statement is correct.

C) Two statements are correct.

D) Three statements are correct.掃碼免 費(fèi)預(yù)約

答案：A

解析：Senior tranches are perceived to be the safest, so they receive the lowest coupon. The equity tranche receives residual cash flows and no explicit coupon. Although the mezzanine tranche is often thin, the equity tranche is typically the thinnest slice.

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