You need a 30 -year, fixed-rate mortgage to buy a new home for $240,000. Your mortgage bank will lend you the money at a 8.6 percent APR for this 360-month loan. However, you can afford monthly payments of only $1,000, 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 $1,000? Multiple Choice $80,348.85 $1,453,243.6 $1,409,646.3 $1,511,373.35 $111,135.97