1. A homeowner planning a kitchen remodeling can afford a $800 monthly payment. How much can the homeowner borrow for 3 years at 6%, compounded monthly, and still stay within the budget? (Round your answer to the nearest cent.)

2. The problem describes a debt to be amortized. (Round your answers to the nearest cent.) A man buys a house for $380,000. He makes a $150,000 down payment and amortizes the rest of the purchase price with semiannual payments over the next 5years. The interest rate on the debt is 9%, compounded semiannually.

(a) Find the size of each payment. $ (b) Find the total amount paid for the purchase. $ (c) Find the total interest paid over the life of the loan. $