Question: 1. After Enrico's car is paid off, he plans to continue setting aside the amount of his car payment to accumulate funds for the car's replacement. If he invests this amount at a rate of 3% compounded monthly, how much will he have saved by the end of the initial 10-year period?
2. If you borrow $3,000 at 6% simple interest per year for seven years, how much will you have to repay at the end of seven years?