Question: please round to two decimal places You need a 25-year, fixed-rate mortgage to buy a new home for $255,000. Your mortgage bank will lend you

please round to two decimal places

You need a 25-year, fixed-rate mortgage to buy a new home for $255,000. Your mortgage bank will lend you the money at an APR of 5.5 percent for this 300 -month loan. However, you can afford monthly payments of only $950, so you offer to pay off any remaining loan balance at the end of the loan in the form of a single balloon payment. How large will this balloon payment have to be for you to keep your monthly payments at $950 ? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

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