You have located a warehouse property to purchase at a price of $320,000. You plan to make a 20% down payment of $64,000. Interest rates are rising quickly, but youve managed to secure a fixed-rate commercial mortgage at 4.5%. Commercial mortgages are typically much shorter than consumer mortgages like home loans, so the lender has offered you a 10-year term.

What is the ending balance on the mortgage after the first year?