例如从12到10，在从10到12 算数评论，都是一样 HPR第一段是负值，第二段是正值，所以是positive?? 这样的思路对吗？

According to the following statements about auto loan Receivable-backed securities, which statement is not correct? A A subprime loan is one granted to borrowers with higher credit quality. B The purpose of a reserve account is to provide internal credit enhancement C Overcollateralization means that the aggregate principle balance of the automobile loan contracts exceeds the principle balance of the notes. 这题c也不对吧，怎么能说贷款本金大于note的就是过度抵押呢？应该说是抵押物value大于note才对吧，a的话如果有比他层级更低的话他就是比较好的吧

According to the following statements, which statement is correct? A CMBS are securities backed by a pool of commercial mortgage loans on capital-gain-producing property. B The characteristic of call protection of CMBS makes CMBS to trade in the market more like corporate bonds than RMBS. C The call protection of CMBS has two forms: at the structure level and at the loan level. a和c为什么不对？

为什么不是A (16.2-15)/15=0.08 e0.08-1不是这个思路，这道题怎么解？

截图的题目，不知道，没明白

请问F(1.96)=0.9750是查表吗？考试题目会告知吗？

对数分布，右偏不是positive吗？没理解这个题的思路

Which of the following embedded options most likely benefits the bondholder? A Prepayment option on an amortizing security. B Put provision at par on a bond that is trading at a premium. C Interest rate cap on a floating-rate bond. b目前选项，目前trading已经premium了，put at par对holder来说就不是好处了吧

How does the convexity of a bond influence the yield on the bond? All else the same, for a bond with high convexity investors will require: A a higher or lower yield depending on the bond's duration. B a lower yield. C a higher yield. 什么原理呢？

If the current two-year spot rate is 6% while the one-year forward rate for one year is 5%, what is the current spot rate for one year? A 5.5%. B 5.0%. C 7.0%. 这题公式有点看不明白