A loan of Php 10,000 must be repaid by monthly payments for 1 year at 12% interest rate compounded monthly. However, the borrower missed the first four payments. He has to repay the load, the principal and the interest included by making his first payment at the end of the 5th month increasing it by 12% per month. What is the amount of each payment? Construct the amortization schedule.

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A:

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