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An equipment is paid P500,000 down payment and a 24 monthly installments of P10,000 at an effective interest of12.682% per annum. What is the balance

An equipment is paid P500,000 down payment and a 24 monthly installments of P10,000 at an effective interest of12.682% per annum. What is the balance after the 12th payment if first installment is made one year after the purchase?

a. P112,551 b. P112,434 c. P113,676 d. P111,437 e. P101,477

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