在FRM備考沖刺階段，做大量的真題練習是很重要的，尤其是近兩年的FRM真題練習，下面是FRM考試真題解析，備考生必看！

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%

B) 42.240%

C) 53.472%

答案：C

》》》2022年新版FRM一二級內(nèi)部資料免費領??！【精華版】

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.

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.

如果想要獲得更多關于FRM考試的真題解析，點擊在線咨詢或者添加融躍老師微信（rongyuejiaoyu）！