Your firm is considering the purchase of a new office phone system. You can either pay $$31,500$ now, or $$1,050$ per month for $39$ months.

a$.$ Suppose your firm currently borrows at a rate of $6\%$ per year $($APR with monthly compounding$).$ Which payment plan is more attractive?

b$.$ Suppose your firm currently borrows at a rate of $20\%$ per year $($APR with monthly compounding$).$ Which payment plan would be more attractive in this case?

a$.$ Suppose your firm currently borrows at a rate of $6\%$ per year $($APR with monthly compounding$).$ Which payment plan is more attractive?

The present value of the monthly cash flows is $

$($Round to the nearest cent.$)$