The information below provides details of an off-exchange tailor-made loan obtained by Royal Oceania Cruises to fund their operations.

- Today is June 30 2019, which is the initiation date of the loan

- The Commonwealth Bank is loaning money to Royal Oceania Cruises

- The amount borrowed is $50 million

- The maturity date of the loan is three years

- A minimum interest payment of $1 million is due in each financial year. The financial year ends on 30 June each year

- The nominal interest rate associated with this loan is the Reserve Bank of Australia cash rate (as at June 30 2019) plus a margin of 3.75%. This interest rate is compounded monthly and is fixed from the initiation date

Assume the following payments are made by Royal Oceania Cruises during the term of the loan:

- Monthly repayments of $2 million at the end of each month beginning on January 31 2020 until April 30 2021 (inclusive)

- May 31 2021: a single payment of $2 million

- April 30 2022: a single payment of $10 million

Given such payments, your job is to determine the outstanding value of the loan on the maturity date

What formula should be used in order to answer this question?