cemap3 exam paper

lil_chooa

hi folks,

Currently undergoing studies for my CEMAP module 3 and was wondering if any one has past exam papers for this module. I have one paper which is the SPECIMEN PAPER A and would be extremely grateful for any others which could be sent by email.
Thanks.

ps
There's one question im stuck on:

Luke and jessica would like to know how much interest they will pay over the first year if they take out the maximum loan(£108000). assuming a base rate of 4.75% for the 1st 6 months, followed by a 0.25% reduction for 3 months, reverting to 4.75% for the final 3 months of the year , the amount would be:

a) 5,062.
b) 6,088.
c) 6,115.
d) 6,480.

according to my calculations im getting 5,062 but according to the answer book it's 6,088???

KTF

Out of interest I tried it myself and got 5062 as well.

Leon_W

These papers have been littered with incorrect answers to questions. To be honest, the question above doesn't give enough information. Taking it is interest only then the answer is £5062.

They also do not relate to anything you find in the real world. Who the hell wants a mortgage that bounces around like a yo-yo for 12 mnths ??????

danm

Leon_W wrote: »

They also do not relate to anything you find in the real world. Who the hell wants a mortgage that bounces around like a yo-yo for 12 mnths ??????

errr... base rate trackers

Leon_W

See what I meen !

It's a crap question. I've read it as some sort of stepped tracker.

I'd hate Luke and Jessica as clients. So what we are saying now is that they are thinking of a base rate tracker but really need to know what would happen if the above scenario panned out over the year ??? Jeez !

Some !!!!!! will be along shortly to state that they have been asked that very question !

Mr_helpful

I agree with 5062 from your question but I wonder if you have missed something out like that it was say base plus a margin of say 0.95% which would make answer b look correct. Just a guess.

lil_chooa

my mistake, you are right mr helpful. It does say in the case study luke & jessica have been recommended a 25yr term base rate tracker interest-only mortgage at the boe rate plus 0.95 in yr 1 and plus 1.25% thereafter :rolleyes:

Mr_helpful

Im not just a pretty face you know.

MortgageMamma

No you have a nice car as well.

shameless-about-money

lil_chooa!

Have you done your CeMap 1 & 2 yet?

I have my CeMap 2 exam tomorrow - and my CeMap 3 on Thursday - I think I am going to cry!

I have worked on the test papers endlessly and my eyes are so tired with all the revision and the reading!

I will be glad when Thursday night is here!

lil_chooa

yep done my part 1 and 2
you got any part 3 papers?

good luck with the exams