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FRM考试真题解析，送给备考的你！

在FRM备考冲刺阶段，什么是重要的？小编认为当然是FRM真题的练习了，尤其是近两年的FRM真题练习，下文是小编列举的相关真题，送给备考的你！

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：各科视频讲义+*+21年原版书（PDF版）免·费领取

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.扫码免 费预约

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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