Your firm is considering the purchase of a new office phone system. You can either pay $31,500 now, or $1,000 per month for 33 months a. Suppose your firm currently borrows at a rate of 7% 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 7% 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.) It will be more attractive to (Select from the drop-down menu) 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? The present value of the monthly cash flows is $. (Round to the nearest cont.) It will be more attractive to (Select from the drop-down menu)