Pedro bought a new car today from Barboncito Motors.  The former proposed to pay the latter the remaining balance of P700,000.00 in 35 equal monthly  payments, with the first installment to be made  a month from today,   plus a  payment of P30,000.00  two months from today. If the interest rate applicable to the transaction is 12% compounded monthly, and assuming that there will be timely payments,  how much is the amount of Pedro’s  Monthly Payment ?

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