4. (a) Discuss the types of operating loans (b) Determine the type of operating loan which is best for a farmer. 5. Calculating amortized loans John Holmes gets an auto loan for $42,000 for a new Ford Bronco, he does not have established credit, and therefore, the interest rate is 8.2% for 6 years. Using the information provided calculate the amortized monthly payments. Net income from operations Interest & dividend received on farm assets Interest expense Cash withdrawals for family living Farm Assets 2016 2017 2018 28,800 45,700 62,500 800 1,200 1,400 24,200 26,500 28,700 34,700 35,800 38,500 522,488 548,222 630,400 4. (a) Discuss the types of operating loans (b) Determine the type of operating loan which is best for a farmer. 5. Calculating amortized loans John Holmes gets an auto loan for $42,000 for a new Ford Bronco, he does not have established credit, and therefore, the interest rate is 8.2% for 6 years. Using the information provided calculate the amortized monthly payments. Net income from operations Interest & dividend received on farm assets Interest expense Cash withdrawals for family living Farm Assets 2016 2017 2018 28,800 45,700 62,500 800 1,200 1,400 24,200 26,500 28,700 34,700 35,800 38,500 522,488 548,222 630,400