1. Cameron designates 10% of his monthly earnings as charitable contributions. After deducting this amount, he deposits 5% of the remaining amount into a money market account earning 2%. If Cameron’s monthly earnings are $4,800 what amount interest will he earn on his deposit each month?
2. Find the maturity value for a loan on $4,225 at 8% made on March 5 and due on May 5 of the same year. Assume a 365-day year.