PhilippinesLaw on Obligations and Contracts

A verbal agreement, on 20 January 2020, with Teresa wherein Rose will let Teresa borrow the amount of Php50,000.00 at an interest of 5% monthly. The same shall be paid on 20 March 2020. Based on what you have read and studied about Contracts, how will you answer the following questions of Rose:

1. Is there a valid agreement between Rose and Teresa? Explain your answer.

2. When Teresa paid on 20 March 2020, she only paid the principal amount of Php50,000.00 but not the interest. Is the payment of Teresa valid? Explain your answer.

3. If after demand and Teresa still refuses to pay the interest, what can Rose do? Explain your answer.