Cambridge - MIT exchange for undergraduate maths

I would be grateful if anyone could answer these questions about the exchange.
1. For maths, which year does it take place or can you choose?
2. If you study at MIT in the third year what class will you be given for your undergrad (bachelor) degree (supposing you've performed well over the course of the three years in both UK and US)? Do you have to do the fourth year?
3. How competitive is it to be accepted by Cambridge to study a year abroad at MIT?(How many exchanges are available per college/ at the uni every year for maths?)
4. Is there a way you can select your units at MIT so that you are well prepared to study the following year at Cambridge?(I.e. if you study at MIT while everyone else is studying part Ib,second year,is it inevitable that you will be at a disadvantage when you return to study part II,third year, at camb ridge?)
5. Is there any financial assistance?

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