Question 1 (9 Marks) What is consumer credit? Examine the advantages and disadvantages of using credit to finance personal consumptions. Cite examples to support your answers. Question 2 (7 Marks) Northern Bank offers home equity loans up to 70% of the current home value for its customers. Peter purchased a home for $3,000,000 six years ago. Currently, Peter's home is worth $5,000,000 and his remaining mortgage balance is $2,200,000. Calculate the maximum amount that Peter can borrow from Northern Bank for the home equity loan. What are the potential problems of misusing the home equity loan? Show your calculations