2. An air-conditioner is for sale at P3,000 in cash or in terms of P700 down and P200 each month for the next 12 months. If you were the buyer, which purchase plan would you prefer? Money is worth 15% compounded monthly. 3. A car may be bought for sale P76,000 cash or in credit, a down payment of P16,000 plus P3,000 monthly for 2 years. At what rate compounded monthly is interest charged? 4. At what nominal rate compounded quarterly will payments of P800 at the end of each 3 months for 5 years discharge all liability for a debtor who borrows P14,000 today?