<p>The Math placement exam at UMich is pretty much a joke. It is at around the same level as SAT1 or SAT2 Math2. It would not place anyone higher than Calc 1 by that test. There is one girl who finished at least Calc2 (perhaps even Calc3 but I forgot) with A in a community college by dual enrollment in California. However, the credits are not accepted by UMich and she has to start from Calc 1 again.
If you do well in AP exam, then you can be placed at a higher level Math. Interestingly, students at LSA would not get the full AP credit from Calculus unless they take the next level Calculus and scored C or above. While CoE students would get the full credit from AP and higher level Calculus is required anyway.</p>