Emon is securing a $7-$year balloon mortgage for $$360,000$ to finance the purchase of his first home. The monthly payments are based on a $30-$year amortization. If the interest rate is $2\mathrm{.}4\%$ compounded monthly, what will be his balloon payment at the end of the $7$ years?

Part $1$ of $2$

$($a$.)$ What is Emon's monthly payment?

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