SJ Corp. faces a seasonal increase for its working capital and needs the full use of Php 100,000 for 90 days. The firm's bank will lend at 12% on a discounted basis with a 20% compensating balance required. How much money should the company borrow under this arrangement?

SJ Corp. faces a seasonal increase for its working capital and needs the full use of Php 100,000 for 90 days. A bank has offered to lend the whole amount at 14% interest rate. The principal and interest payment for the three months will be added to constitute the total amount owed to be paid in three equal monthly payments. What is the nominal interest rate of this amortized loan?