Mike Bayles has just arranged to purchase a $400,000 vacation home in the Bahamas with a 20% down payment. The mortgage has an 8% stated annual interest rate, compounded monthly, and calls for equal monthly payments over the next 30 years. His first payment will be due one month from now. However, the mortgage has an eight-year balloon payment, meaning that the balance of the loan must be paid off at the end of year 8. How much will Mikes balloon payment be in eight years? Show your work.