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A borrower and a lender agree on a $280,000 loan at 7 percent interest. An amortization schedule of 25 years has been agreed on; however,

A borrower and a lender agree on a $280,000 loan at 7 percent interest. An amortization schedule of 25 years has been agreed on; however, the lender has the option to call the loan after five years.

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If called, how much will have to be paid by the borrower at the end of five years? (Do not round intermediate calculations. Round your final answer to 2 decimal places.)

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