Professor Schwarz is thinking about purchasing a new home. He needs to borrow $1,000,000 to purchase this home. The interest rate is 5.5% compounded monthly. The loan has a length of 30 years and is paid monthly. That number is too high for him. So, he decides to look at some alternative mortgage products. One option is a mortgage loan called the Flexplan ARM. With this loan, his minimum monthly payment for the first 5 years simply equals one twelfth of 1% of the original loan amount.

If Professor Schwarz only pays the minimum monthly payment for the first 5 years, what is the total loan balance at the end of year 5?