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:

Hannah Sofiah is a young entrepreneur who sells banana crackers. Previously, most of the suppliers would come to her shop to place their orders but due to the Movement Control Order (MCO), they could not do so. She decided to go fully online and market banana crackers in the digital world. The online sales of banana crackers during MCO is unpredicted. The demand for banana crackers go up so, she decided to take a loan that offer under Skim Pembiayaan Mudah Jaya to cover day-to-day operational expenses. If Hannah plans to borrow RM200,000. If Hannah pays back the loan over 30 years, what will her annual payments be?

(6 marks)