A businessman borrowed Php 100,000 from a bank for the expansion of his business. At the end of the 2nd month, he brought his 2-month net profit from his business to the bank, from which he paid the accrued interest only on his loan and deposited the rest of it in his savings account. At the end of the 6th month, he brought all his profit from the past four months from his business to the bank from which he paid his loan in full (the principal and the rest of the accrued interest) and deposited the rest to his savings account. After that, he had a net balance of Php 200,000 on his savings. If the loan interest is 12% compounded monthly and the interest on savings is 8% compounded monthly, determine his net monthly profit from his business, assuming that it yields a regular amount of profit monthly. (Hint: Not an annuity problem.
ANSWER IN HANDWRITTEN SOLUTION NOT EXCEL.
