The rate moved; sell or hold?

Two PTs on the same market rate, one with 30 days left and one with 300. The implied APY rises by 2 points. Which price falls more?

• The 30-day PT, because it is closer to redemption
• The 300-day PT, because the higher rate is applied over more days
• Both fall by the same amount, because the rate moved by the same amount

A PT has 73 days left and the market's implied APY is 5%. Which expression gives its price?

• 1 ÷ 1.05^(73 ÷ 365)
• 1 − 0.05
• 1.05^(73 ÷ 365)