4.48 Justin Leonard has just arranged to purchase a $400,000 vacation home in the Bahamas with a 20% down payment. The mortgage has an 8% annual percentage rate (APR) and calls for equal monthly payments over the next 30 years. His first payment will be due one month from now. However, the mortgage has an 8-year balloon payment, meaning that the loan must be paid off then. There were no other transaction costs or finance charges. How big will Justin’s balloon payment be in 8 years?