Problem 3 The following terms of payment for an annuity are as follows: Periodic payment = P20,000 Payment interval = 1 month Interest rate = 18% compounded monthly Terms = 15 years 1. Find the present worth paid of all the payments if it is paid at the end of each month. 2. Find the difference between the sums of an annuity due and an ordinary annuity on these payments. 3. Find the difference between the present values of an annuity due and an ordinary annuity based on these payments. Ans. l. Pl,214,911.246 2. P27l,687.35 3. P18,628.67