An employee is earning P 18,511 a month and he can only afford to purchase a car which will require a down payment of P 85,000 and a monthly amortization of 30% of his monthly salary. What would be...

An employee is earning P 18,511 a month and he can only afford to purchase a car which will require a down payment of P 85,000 and a monthly amortization of 30% of his monthly salary. What would be the maximum cash value of a car he can purchase if the seller will agree to a down payment of P 82,000 and the balance payable in four years at 18% per year payable in monthly basis. The first payment will be due at the beginning of the first month.