I think Dennis, Shawne and I were supposed to work more on #2, but since I 
can't recall, I'm sending to all.

First, I apologize.  I tried to work directly with the excellent spreadsheet 
Carolyn put together, but I kept fumbling, butchering, etc.  So I canibalized 
her great stuff and created a new spreadsheet, attempting to incorporate the 
"clarifications" (yeah, right) that Prof McCullough distributed via email, 
and the stuff we talked about during break (i.e., timing of cash flows).  The 
answers are at the bottom of the work sheet.  And I've also included the 
report (though I did not peruse it for errors, relevancy, etc.).  

My  biggest concern is question 6.  My answer (despite some outliers) sez 
that there ain't no loan in June.  (This may mean my spreadsheet's got a 
fatal flaw--significant probability.)

Finally, doing a series of 1,000 trials resulted in some considerable 
variability across runs--again, could be due to screw up on my part--so the 
answers I generatd comes from a run of 5,000 trials.  (If you run the sheet, 
beware, 5,000 takes some time, unless you've got DSL or something.)

Let me know if this is completely out to lunch, or if you're coming up with 
something remotely similar.

Best,
Jeff