The formula for the monthly payment that you have is slightly wrong:
P = PV. R.{[1 + R]^N/ [1 + R]^N - 1}
P =12,000 x 0.03{[1 + 0.03]^24 / [1 + 0.03]^24 - 1}
P = 360 x { 2.032794 / 1.032794}
P = 360 x 1.968247...
P =$708.57 - The monthly payment!.
P.S. Your monthly interest rate of 3% per month is very, very high!!. It is of course 36% annual rate, compounded monthly!!!. Make sure that the 3% per month is accurate.