Please show all work. Show each step. Please show formulas, do not use excel. Thank you.

You need a 35-year, fixed-rate mortgage to buy a new home for $295,000. Your mortgage bank will lend you the money at an APR of 5.9 percent for this 420-month loan.

However, you can afford monthly payments of only $1,350, so you offer to pay off any remaining loan balance at the end of the loan in the form of a single balloon payment.

How large will this balloon payment have to be for you to keep your monthly payments at $1,350?

(Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Balloon payment $