Assume you are buying a 3-bedroom house. You consider borrowing $400,000 from a bank at a rate of 6.0% per annum (compounds monthly) for 30 years. What will be your monthly loan repayment if you have a balloon payment of $80,000 and make the loan payments at the end of each month?

Present your answer as a whole number to two decimals (including the $ symbol) and a positive value, e.g. $3210.65 (25% marks will be deducted if the $ symbol is not provided).

Assume you are buying a 3-bedroom house. You consider borrowing $400,000 from a bank at a rate of 6.0% per annum (compounds monthly) for 30 years. What will be your monthly loan repayment if you have a balloon payment of $80,000 and make the loan payments at the end of each month? Present your answer as a whole number to two decimals (including the \$ symbol) and a positive value, e.g. $3210.65 (25\% marks will be deducted if the $ symbol is not provided)