A man purchased a car with a cash price of P 350,000.

He was able to negotiate with the seller to allow him to pay only a

down payment of 20% and the balance payable in equal 48 end of

the month installment at 1.5% interest per month. On the day he

paid the 20th installment, he decided to pay the remaining

balance. How much is the monthly payment and what is the

remaining balance that he paid?