Suppose you purchase an automobile for a selling price of P1,600,000. You make a down payment of 5% of the selling price and finance the remaining balance for 4 years at an annual interest rate of 5%. The sales tax is 7.5% of the selling price, and the license fee is 0.8% of the selling price. Find the monthly payment. P38,842.50 P7,619 P38,063 P39,752 P36,847