Solve the following problems on Simple Annuities 1. The buyer of a farm pays P9,000 cash, and promises to pay P800 at the end of each 3 months for 8 years. If money is worth 7% compounded quarterly, find (a) the cash value of the farm (b) find the sum which the purchaser should pay at the end of 3 years, in addition to the repayment due then, in order to cancel his remaining liability. 2. Suppose that the debtor in problem 1 failed to make his first 6 payments when they were due. What should he pay to his creditor at the end of 3-1/2 years to cancel his accumulated liability? 3. A man promised to pay P1,500 at the end of each year. If money is worth 6% compounded monthly, what payment at the end of each month would be equally satisfactory