S$06-71$ Calculating a Balloon Payment $[$LO$2]$

You have just arranged for a $\backslash (\backslash$$ $2\mathrm{.}2\backslash )$ million mortgage to finance the purchase of a large tract of land. The mortgage has an APR of $5\mathrm{.}3$ percent, and it calls for monthly payments over the next $30$ years. However, the loan has an eight$-$year balloon payment, meaning that the loan must be paid off then.

How big will the balloon payment be$?$

Note: Do not round intermediate calculations and round your answer to $2$ decimal places, e$.$g$.,32\mathrm{.}16.$

Balloon payment