For numbers 1 to 3: Polly purchased a car. She paid ₱150,000.00 as down payment, and ₱5,500.00 payable at the beginning of each month for 48 months. Money is worth 12% compounded monthly. 1. What is...

For numbers 1 to 3: Polly purchased a car. She paid ₱150,000.00 as down payment, and ₱5,500.00 payable at the beginning of each month for 48 months. Money is worth 12% compounded monthly.

1. What is the periodic rate?

A. 1%
B. 12%
C. 0.01%
D. 2%

2. How many payments must be made?

A. 12
B. 24
C. 6
D. 48

3. What is the equivalent cash price of the car?

A. ₱210,945.35
B. ₱340,091.59
C. ₱ 360,945.35
D. ₱490,091.59