Question: You need a 2 5 - year, fixed - rate mortgage to buy a new home for $ 2 8 5 , 0 0 0

You need a 25-year, fixed-rate mortgage to buy a new home for $285,000Your mortgage bank will lend you the money at an APR of 5.8 percent for this 300-month . However, you can only afford monthly payments of $1,250, 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 $1,250?(Do not round intermediate calculations and round your answer to 2 decimal places , e.g.,32.16.)

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