After having attended a real estate seminar, you are now ready to buy your first rental property in Red Hook. To purchase the rental property, you plan to borrow $270,000 using a 25-year, fixed-rate mortgage. Your mortgage broker has offered you a very competitive loan with an APR of 5.65 percent for a 300-month loan. The only drawback is that you can only afford monthly payments of $1,100, which is lower than the payments required by the bank. In an effort to get you the loan, the mortgage broker has suggested that you can pay off any remaining loan balance at the end of the loan in the form of a single balloon payment.

If you plan to mainatin monthly payments at $1,100, how large will your balloon payment need to be to clear the end balance on the loan? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Balloon payment= ???