1. A homeowner planning a kitchen remodeling can afford a $600 monthly payment. How much can the homeowner borrow for 5 years at 6%, compounded monthly, and still stay within the budget?
2. AdriAnne and Anna's Auto Repair wants to add a new service bay. How much can they borrow at 5%, compounded quarterly for 4 ½ years, if the desired quarterly payment is $10,000?