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

You need a 25-year, fixed-rate mortgage to buy a new home for $255,000. Your bank will lend you the money at a 5.5 percent APR for this 300-month loan. However, you can only afford monthly payments of $600, 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 $600?(Do not round intermediate calculations. Round the final answer to 2 decimal places. Omit $ sign in your response.)
Balloon payment$

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