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　　1.A pass-through mortgage-backed security (MBS) with a weighted average maturity (WAM) of 30 months has an original principle balance of $2.0 billion. If the valuation model assumes a 300% PSA prepayment speed, which is nearest to the first month's prepaid (not scheduled) principal?
　　A. $519,000
　　B. $833,000
　　C. $1.00 million
　　D. $2.15 million
　　2.In perfect capital markets, the only exception to the idea that firm hedging activities do not increase firm value is when:
　　A. Diversifiable risk is decreased.
　　B. Systematic risk is decreased.
　　C. There are no exceptions.
　　D. Risk premiums are very high.
　　3.Conditional prepayment rate (CPR) and the Public Securities Association (PSA) model are both measurements of:
　　A. Prepayment speeds on MBS.
　　B. Benchmark default rates on home loans computed quarterly.
　　C. Average life calculations for sequential collateralized mortgage obligations(CMO) tranches.
　　D. Predominant interest rates for first mortgages compiled by the Department of Housing and Urban Development.
　　Answer:
　　1.C
　　300%PSA = 3 x CPR = 3 x 0.2% = 0.6%
　　SMM = 1-(1-0.6%)1/12= 0.05014%
　　0.05014% x2,000,000,000 = 1,002, 760
　　2.C
　　In perfect capital markets, there is no exception to the rule that hedging will NOT increase firm value. Assuming perfect markets, shareholders can hedge at the same cost as the firm. They will not pay the firm to do something that they can do on their own account at the same price.
　　3.A
　　CPR and PSA are both measures of prepayment speeds on MBS.