You would like to buy the house and take the mortgage described in Problem 37. You can afford to pay only \($23,500\) per year. The bank agrees to allow you to pay this amount each year, yet still borrow \($300,000.\) At the end of the mortgage (in 30 years), you must make a balloon payment; that is, you must repay the remaining balance on the mortgage. How much will this balloon payment be?

Data from in problem 37

You are thinking of purchasing a house. The house costs \($350,000.\) You have \($50,000\) in cash that you can use as a down payment on the house, but you need to borrow the rest of the purchase price. The bank is offering a 30-year mortgage that requires annual payments and has an interest rate of 7% per year. What will your annual payment be if you sign up for this mortgage?