A manufacturing plant installed a new boiler at a total cost of P$150,000$ and is estimated to have a useful life of $10$ years with the scrap value of P$5,000.$ Annual maintenance cost is P$10,000.$ If interest is $12\%$ compounded annually, determine the equivalent annual cost of the net amount required to replace the boiler.

The answer should be P$8,262\mathrm{.}70$