Question: You need a 30 -year, xed-rate mortgage to buy a new home for $450,000. Your mortgage bank will lend you the money at a 6

You need a 30 -year, xed-rate mortgage to buy a new home for $450,000. Your mortgage bank will lend you the money at a 6 percent APR for this loan. However, you can afford monthly payments of only $2,000, so you offer to pay off any remaining loan balance at the end of the loan in the form of a single lump sum payment. How large is this lump sum payment?

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