1. You purchase a 4WD vehicle costing $24,500 by taking out a 13% add-on interest installment loan. The loan requires a 25% down payment and equal monthly payments for 3 years. How much are your monthly payments?
2. A home was recently appraised for $167,000, and the balance on the existing mortgage is $96,600. If a bank is willing to loan up to 65% of the appraised value, calculate the potential amount of credit available on a home equity loan.