1. To ensure the survival of Bumiputera entrepreneurs in facing difficulties arising from the COVID-19 pandemic, the government has allocated RM300 million in the form of working capital loans under the Skim Pembiayaan Mudah Jaya (SPiM) by Majlis Amanah Rakyat (MARA), with a maximum loan limit of RM1 million with an interest rate of 3.5% per annum.

(Source: The Edge Markets)

Based on the following statement answer question below:

1. Harith Ismeth just bought a new Proton Persona for his business. The price of the vehicle was RM40,000. Harith made a RM5,000 down payment and took out an amortized loan for the rest. The car dealership made the loan at 8% interest compounded annually for five years. He is to pay back the principal and interest in equal monthly instalments beginning one month from now. Determine the amount of Harith's monthly payment.