Find the maturity value for loan

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Reference no: EM132061812

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.

Reference no: EM132061812

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