Engr. Santos borrows P3M at 8% effective annual interest. He must pay back the loan over 20years with a uniform monthly payment due on the first day of each month. What does Engr.Santos pay each month?

Given in the question: The borrowed amount of money is the P3,000,000 And the effective annual…

Answered: Engr. Santos borrows P3M at 8%…

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Engr. Santos borrows P3M at 8% effective annual interest. He must pay back the loan over 20 years with a uniform monthly payment due on the first day of each month. What does Engr. Santos pay each month?