Bill has bought a new home in Canberra. He borrowed $600000 at a rate calculated to be 150 basis points over the Australian 10-year government bond yield for 2018.1 The loan is to be repaid in annual instalments over a thirty year period. The first instalment was due on 19 March 2020.

a. In your spreadsheet, in your first tab, draw up the loan repayment schedule for Bill. Calculate the annual loan repayment amount using Goal Seek.