1. Discuss the credit selection process and the quantitative procedure for evaluating changes in credit standards. For your response, include a financial institution's actual credit selection criteria that should be posted on their website.
2. You have purchased a 6 unit apartment house for $1,000,000. Your capitalized closing costs are $10,000. The appraisal shows the land is valued at 400,000 and the improvements are valued at $600,000. What is your first year depreciation, assuming you own it for the entire year. Please show your calculations. $______________.