an employee is earning P12,000.00 a month and he can afford to purchase a car which will require a downpayment of P10,000.00 and a monthly amortization of not more than 30% of his monthly salary. What should be the maximum cash value of a car he can purchase if the seller will agree to a downpayment of P10,000.00 and the balance payable in four years at 18% per year payable on monthly basis? The first payment will be due at the end of the first month?