Picture this: you are now five years into your career and you felt that you should now invest in acquiring a property that you could call as yours. For someone who is 5 years into their career, you could potentially have a monthly salary of about P60,000 (let's assume that this amount is after tax, which means that this will be the amount of money you take home and you could choose to use it anywhere).

You were able to find a property that costs 2,750,000. The required downpayment for the property is 15% of this value.

How much would the monthly payments be assuming that the bank allows you to take a mortgage for 20 years, with monthly payments, and interest of 11%?

Round off to four decimal places.