To help finance the purchase of a houseand lot, a couple borrows P350,000. Theloan is to be repaid in equal monthlyinstallment over a period of 8 years. If theinterest rate is converted monthly,...

To help finance the purchase of a house and lot, a couple borrows P350,000. The loan is to be repaid in equal monthly installment over a period of 8 years. If the interest rate is converted monthly, how much is the monthly payment at 15% interest, m=12?