2. Loan A has the same original principal, interest rate, and payment amount as Loan B. However, Loan A is structured as an annuity due, while Loan B is structured as an ordinary annuity. The maturity date of Loan A will be: (Points : 1)Earlier than Loan B.Later than Loan B.The same as Loan B.Indeterminate with respect to loan B.3. When you use an aging schedule approach for estimating uncollectible accounts: (Points : 1)Bad debts expense is measured indirectly, and the Allowance for uncollectibles balance is measured directly.Bad debts expense is measured indirectly, and the Allowance for uncollectibles balance is measured indirectly.Bad debts expense is measured directly, and the Allowance for uncollectibles balance is measured directly.Bad debts expense is measured directly, and the Allowance for uncollectibles balance is measured indirectly.5. LeAnn wishes to know how much she should set aside now at 7% interest in order to accumulate a sum of $5,000 in four years. She should use a table for the: (Points : 1)Present value of 1.Future value of 1.Present value of an ordinary annuity of 1.Future value of an annuity due of 1.6. George Jones is planning on a cruise for his 70th birthday party. He wants to know how much he should set aside at the beginning of each month at 6% interest to accumulate the sum of $4,800 in five years. He should use a table for the: (Points : 1)Future value of an ordinary annuity of 1.Future value of an annuity due of 1.Future value of 1.Present value of an annuity due of 1.7. Sandra won $5,000,000 in the state lottery which she has elected to receive at the end of each month over the next thirty years. She will receive 7% interest on unpaid amounts. To determine the amount of her monthly check, she should use a table for the: (Points : 1)Present value of an annuity of 1.Future value of an annuity due of 1.Present value of an ordinary annuity of 1.Future value of an ordinary annuity of 1.8. Cash that is restricted and not available for current operations is reported in the balance sheet as: (Points : 1)Equity.Investments and funds.Liabilities.A separate section between liabilities and equity.9. Nontrade receivables do not include: (Points : 1)Sales to customers on a deferred payment plan.Loans to employees.Income tax refund receivable.Advances to affiliated companies.

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Loan AmortizationWhen Evelyn and Paul Peters were “house hunting” five years ago, the mortgage rates were pretty high. The fixed rate on a 30-year mortgage was 8.75% while the 15-year fixed rate was at 8%. After walking through many homes, they finally reached a consensus and decided to buy a $200,000 twostory house in an up and coming suburban neighborhood in the Midwest. To avoid prepaid mortgage insurance (PMI) the couple had to borrow from family members and come up with the 20% down payment and the additional required closing costs. Since Evelyn and Paul had already accumulatedsignificant credit card debt and were still paying off their college loans, they decided to opt for lower monthly payments by taking on a 30-year mortgage, despite its higher interest rate.Currently, due to a worsening of economic conditions, mortgage rates have come downsignificantly and the “refinancing” frenzy is under way. Evelyn and Paul have seen 15-year fixed rates (with no closing costs) advertised at 5% and 30-year rates at 5.75%. Evelyn and Paul realize that refinancing is quite a hassle due to all the paperwork involved but with rates being down to 30-year lows, they don’t want to let this opportunity pass them by. About 2 years ago, rates were down to similar levels but they had procrastinated, and had missed the boat. This time, however, the couple called their mortgage officer at the Uptown Bank and locked in the 5%, 15-year rate. Nothing was going to stop them from reducing the costs of paying off their dream house this time!Questions:1. What is Evelyn and Paul’s monthly mortgage payment prior to the refinancing?2. During the first 5 years of owing their dream home, how much money has the couple paid towards the mortgage? What proportion of this has been applied toward interest?3. Had the couple opted for the original 15-year mortgage proposal (15 year, 8%), how much higher would their monthly payment have been?4. Under the original 15-year, 8% mortgage option, how much total interest would have been paid over the life of the loan? How does this compare with the total interest that would be paid on the 30-year, 8.75% mortgage?5. If the Peters had chosen the original 15-year, 8% mortgage proposal, how much tax shelter would they have lost (over the last five years) as compared to the 30-year, 8.75% mortgage? Assume the Peter’s tax rate is 30%.6. If the house is currently worth $245,000 and most lenders are willing to lend up to 90% of home value, how much excess equity can the Peters cash out?7. Should Evelyn and Paul cash out the excess equity that they have built up? Assume money market rates are 4%.8. Should Evelyn and Paul go ahead and close the 5%, 15 year mortgage? Explain your answer with suitable calculations.

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• Loans” Please respond to the following:
• Propose three ways that loan servicing can be used to increase income. Determine why this is information important to a bank.
• Determine ways that a lending institution can mitigate the inherent risks in issuing standby credit letters. Propose two ways that banks can apply this information.

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Local Agriculture Plan: Research environmental impacts of agriculture in Colorado. In an ideal situation, how would you feed the people in your local area (answers from Colorado would differ from Hawaii)? What would system of agriculture would you recommend and why? There are not right or wrong answers, what is important for our discussion is how you apply environmental and agricultural principles that you have researched to your local area. Some ideas to include in your plan:

• Crop production: How and from where would crops be produced? 
• Animal production: How and from where would animal productions be produced?
• Distribution Distance: How far away would fresh fruits, vegetables, meat, dairy and processed foods travel? 
• Farming Methods: What methods of farming would be used? GMOs? Organic? Pesticides? Herbicides? Industrial methods? 

In your response, mention whether your ideas for local sustainable agriculture could be extended to global production and why.

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