Problem 6-42 Calculating Loan Payments [LO2] You need a 30-year, fixed-rate mortgage to buy a new home for $280,000. Your mortgage bank will lend you the money at an APR of 5.75 percent for this 360-month loan. However, you can afford monthly payments of only $1,200, 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 $1,200? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Balloon payment