After graduating from, you join the CRE originations business at a large commercial bank. In your first deal, your bank originates a $35m fixed rate commercial mortgage with a 4.75% annual interest rate, 10 year term, 30 year amortization period, and monthly payments. What is the size of the balloon payment due on this mortgage?

Please calculate the answer using two approaches :

1: where the balloon payment is calculated as the future value of the cash flows between months 0 and 120.

2: where the balloon payment is calculated as the present value of the payments over the remaining amortization period from months 121 to 360.