Problem $4$: Solvent Bank loaned P$10,000,000$ to a borrower on January $1,2018.$ The terms of the loan require principal payments of P$2,000,000$ each year for $5$ years plus interest at $8\%.$ The first principal and interest payments is due on December $31,2018.$ The borrower made the required payments on December $31,2018$ and December $31,2019.$ However, during $2020$ the borrower began to experience financial difficulties, requiring the bank to reassess the collectibility of the loan. On December $31,2020,$ the bank has determined that the remaining principal payments will be collected but the collection of interest is unlikely. The bank has accrued the interest for $2020.$