Q$9.$You would like to buy a house that costs

$$350,000.$ You have

$$50,000$ in cash that you can put down on the$$ house, but you need to borrow the rest of the purchase price. The bank is offering you a$30-$year mortgage that requires annual payments and has an interest rate of

$10\%$ per year. You can afford to pay only

$$30,870$ per year. The bank agrees to allow you to pay this amount each$$ year, yet still borrow

$$300,000.$ At the end of the mortgage$($in $30$ years$),$ you must make a balloon$$ payment; that$$ is$,$ you must repay the remaining balance on the mortgage. How much will be this balloon$$ payment?

$$Hint: The balloon payment will be in addition to the $30$th payment.

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Part $1$

The balloon payment is $$$

enter your response here

$.($Round to the nearest$$ dollar.$)$