1. Mary plans to save money at her bank for use in December. She will deposit $30 per month beginning in March 1 and continuing through November 1. She will withdraw all of the money on December 1. If the bank pays 0.5% interest per month, how much will she receive in December?
2. Frank agrees to build a garage for Sarah for $25,000. Sarah offers either to sign a contract showing her obligation to pay Frank $25,000 or to sign a negotiable promissory note for $25,000 payable to the order of Frank. Would you advise Frank to ask for the contract or the promissory note? Explain.