10. An employee is earning P12,000 a month and he can only afford to purchase a car which will require a down payment of P10,000 and a monthly amortization of not more than 30% of his monthly salary. What would be the maximum value of a car he can purchase if the seller will agree to a down payment of P10,000 and the balance payable in four (4) years at 18% per year payable on monthly basis. The first payment will be due at the end of the first month. (ME Board Problem - April 26, 1990) Ans. P132,553