The minimum yearly repayment for the first year is $9,857.92.

**Working**  
`r = 0.0877`, `n = 7`, `P = 50000`  
`(1 + r)^7 = 1.801208135`  
`(1 + r)^-7 = 0.555181`  
`1 - (1 + r)^-7 = 0.444819`  
`r / (1 - (1 + r)^-7) = 0.1971584`  
`MYR = 50000 * 0.1971584 = 9857.92` (rounded to nearest cent).

The controlling authority is the Australian Taxation Office.