7. True story: In June 2021, Jim Leady purchased a lot in Bertrand Township for $60,000 that he planned to build a house on. To finance the purchase, he put 25 percent as a down payment and mortgaged the rest through Notre Dame Federal Credit Union. NDFCU offered him a 15-year mortgage with monthly payments at an APR of 4.8% compounded monthly. However, since the lot mortgage was expected to later be rolled into a larger construction bridge loan, the lot mortgage included a balloon payment that required Jim to pay off the remaining balance after 3 years. How much will Jim's balloon payment be at the end of three years? The balloon payment is separate from the 36th monthly payment made at the end of the third year. a. $51,180.90 b. $38,188.41 c. $38,582.92 d. $38,778.99 e. $38,386.06