CFA一级百题进阶题：数量.doc

2. Quantitative 2.1. 进阶题 Q-1. The table below shows three mutually exclusive $2,000,000 mortgage choices. Each of the three choices is compounded monthly. Quoted annual interest rate at Mortgage type initiation 32-year fixed rate 24-year fixed rate 6.5% 6.0% 4.5% 32-year adjustable rate The adjustable-rate mortgage will reset its interest rate to 6.2% at the end of the year 4. After resetting the interest rate at the end of year 4, which mortgage will have the largest monthly payment? A. 32-year fixed rate mortgage. B. 24-year fixed-rate mortgage. C. 32-year adjustable-rate mortgage. Solution: B. After year 4, the 24-year fixed-rate mortgage has the largest payment. The loan payments are summarized in the table below. Mortgage type 32-year fixed Initial Payment ($) 12,389.92 Payment after adjustment($) 12,389.92 24-year fixed 13,119.56 13,119.56 32-year adjustable 9,836.93 11,785.90 Payment on the 32-year fixed is calculated as: N = 12×32= 384, I/Y = 6.5/12, PV = -2,000,000, FV = 0; CPT PMT = 12,389.92 Payment on the 24-year fixed is calculated as: N = 12×24 = 288, I/Y = 6/12, PV = -2,000,000, FV = 0; CPT PMT = 13,119.56 Payment on the 32-year adjustable is calculated as: Initial payment N = 12×32 = 384, I/Y = 4.5/12, PV = -2,000,000; FV = 0; CPT PMT = 9,836.93 Balance at end of year 4: N = 12×28 = 336, I/Y = 4.5/12, FV = 0, PMT = 9,836.93; CPT PV =-1,877,349.82 Payment after the end of year 4: N = 336, I/Y = 6.2/12, PV = -1,877,349.82; FV = 0; CPT PMT =11,785.90 1-16 Q-2. When rolling two six-sided dice and summing their outcomes, which of the following sums is most likely to occur? A. Nine B. Six C. Five Solution: B. This scenario provides an example of a discrete random variable. The paired outcomes for the dice are indicated in the following table. The outcome of the dice summing to six is the most likely to occur of the three choices because it can occur in five different ways, whereas the summation to five and nine can occur in only four different ways. Summe