1. A recent graduate's student loans total $14,000. If these loans are at 4.5%, compounded quarterly, for 9 years, what are the quarterly payments? (Round your answer to the nearest cent.)

2. A homeowner planning a kitchen remodeling can afford a $300 monthly payment. How much can the homeowner borrow for 5 years at 6%, compounded monthly, and still stay within the budget? (Round your answer to the nearest cent.)