1.Find the present value of a series of periodic payments of P 500 each, made at the beginning of every month for 4 and half years, if money is worth 9%, compounded monthly.

2.A lot costs P 150 000. The purchaser paid P 50 000 cash, and agreed to pay the balance in equal bimonthly payments over a period of 5 years. If money is worth 9%, compounded bimonthly, what is the amount of each payment?