Zizan bought a new machine for his business. The price of the machine was RM50,000. Zizan made a RM5,000 down payment and took out an amortized loan for the rest. He made the loan at 8% interest...

Zizan bought a new machine for his business. The price of the machine was RM50,000. Zizan made a RM5,000 down payment and took out an amortized loan for the rest. He made the loan at 8% interest compounded monthly for five years. He is to pay back the principal and interest in equal monthly installments beginning one month from now. Determine the amount of Zizan’s monthly payment.