XYZ Sdn. Bhd. is purchasing equipment that will cost RM1.5 million. The purchased machinery has an economic life of 8 years. The company has chosen to arrange a term loan with a commercial bank to finance RM1.5 million over a period of 8 years with the interest rate of 8 percent a year on the remaining balance. The loan will be amortized over 8 equal payments over a 8 year period. (a) Determine the annual payments. (b) Using an amortized loan table, show the amount of interest and principal