SHOW SOLUTION Mr. Jones borrowed P 20,000 from a lending firm and an additional P 5,000 after 2 months. He paid P 10,000 after 1 year and an additional payment of P 12,000 at the 18th month. The...

SHOW SOLUTION

Mr. Jones borrowed P 20,000 from a lending firm and an additional P 5,000 after 2 months.  He paid P 10,000 after 1 year and an additional payment of P 12,000 at the 18th month.  The lending firm demanding Mr. Jones to pay all at the end of 2 years.  If interest is 12% compounded monthly, how much will Mr. Jones pay at the end of 2 years. Note:  The reference of all the time is the time P20,000 is borrowed.