1) You are to pay off a loan of $507.93, but you plan on paying it off 2 months earlier than it is due. How much should the receiver be willing to accept if they accept earlier payments and interest is 5% compounded monthly?

2) $885.74 is due today, but you will be paying the balance with interest 3 months from now. If interest is charged at 1.2% compounded quarterly, how much will you pay 3 months from now?