An employee earning P12,000 a month can only afford to buy a car requiring a down payment of P10,000 and a monthly amortization of not more than 30% of his monthly salary. What would be the maximum cash value of a car he can purchase if the seller will agree to a down payment of P10,000 and the balance payable in 4 years at 18% per year payable on a monthly basis? The first payment will be due at the end of the first month.