1. A recent graduate's student loans total $15,000. If these loans are at 4.2%, compounded quarterly, for 14 years, what are the quarterly payments? (Round your answer to the nearest cent.)

2. A homeowner planning a kitchen remodeling can afford a $500 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.)