Question: Show step-by-step solution and solve manually: 3. A salary loan worth 100,000 pesos is to be settled by making equal monthly payments at 12% interest

Show step-by-step solution and solve manually:

3. A salary loan worth 100,000 pesos is to be settled by making equal monthly payments at 12% interest compounded monthly for 3 years. How much is the monthly payment? How much is the outstanding balance after 1 year?

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