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You are seeking a fixed-rate mortgage of $300,000 with a term of 2 years. Your bank quotes an APR of 36 percent, compounded monthly. You

You are seeking a fixed-rate mortgage of $300,000 with a term of 2 years. Your bank quotes an APR of 36 percent, compounded monthly. You can only afford monthly payments of $16,000, so you offer to pay off any remaining loan balance at the end of the loan term in the form of a single balloon payment. What will be the amount of the balloon payment?

A. $62,480

B. $59,015

C. $56,192

D. $67,315

E. $64,828

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