Can you help me on how can I read this solution, this is a problem I made for my report but I don't know how to read it

.Il Globe '5\" John borrows P982499 from a bank... John borrows P987,499 from a bank to buy his new car, with interest accruing at a rate of 5 percent cpd. on a semiannual basis. He agrees to pay his debts in eight equal annual installments, the first of which is due at the end of 13 years from the date of signing the agreement. Make a note of the annual payments. 1\" Step: To convert the 5% cpd s-a to cpd.a, to make the unit of time between the interest and payment to be same. Let's assume that after conversion. we got a value of 5.1% cpd. a. Then. we do the submission as follows: P1 = P(1 + i)\" p1 = 9:37.499(1+o.51)\"!2 P1 = 1.375.537.142 i1+0.51t'\"\"1 p=A 1 (l0.05/2l|1+0.51-1X8 ) A = P287,4B1.69