Question: Show step-by-step solution. Compute manually. 3. A car loan worth 800,000 pesos is to be settled by making equal monthly payments at 7% interest compounded

Show step-by-step solution. Compute manually.

3. A car loan worth 800,000 pesos is to be settled by making equal monthly payments at 7% interest compounded monthly for 5 years. How much is the monthly payment? How much is the outstanding balance after 2 years?

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