Syafik borrowed RM150,000 from ABC Bank for 5 years at an interest rate of 12% compounded monthly. How much is his monthly loan payment?
(The Bond is for 5 years, but as it is a monthly payment so multiplied by 12)
(The borrowed money is 150,000)
(The loan will be paid in full)
(Yearly rate is 12 , as monthly, so divided by 12)
The monthly loan payments will be