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Loan in the form of a single balloon payment

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Reference no: EM131624337

You require a 25-year, fixed-rate mortgage to buy a new home for $240,000. Your mortgage bank will lend you the money at a 5.35 percent APR for this 300-month loan. However, you can only afford monthly payments of $800, 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 $800? (Do not round intermediate calculations and round your final answer to 2 decimal places (e.g., 32.16).)

Balloon payment$

Reference no: EM131624337

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