Time value of money + debt Information (3 Marks) Q5. 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. Please report your answer and all workings in the appropriate cells allocated to Q5. Your working should be equivalent to the workings you would show in an exam. An example is detailed below