Following a weekend drive to Noosa Sunshine Coast to test out his new BMW X7 car, Mr Jack Bourne identified his dream retirement home. After reviewing his financial statement, Jack realized that a loan of $500,000 must be taken out to buy his dream retirement home. A loan contract has been drafted by an ANZ banker. Specifically, the loan must be repaid by paying $200,000 until the loan is fully paid off. All payments must be made at the end of each of the coming years (i.e. annual payment). What will be loan be paid off, and what is the final payment if the annual interest rate is 15% ?

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