You need a 30-year, fixed-rate mortgage to buy a new home for $290,000. Your mortgage bank will lend you the money at a 5.85% APR (semi-annual) for this 360-month loan. However, you can afford monthly payments of only $1,300, 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 $1,300? (Round your intermediate calculations to 5 decimal places. Round the final answer to 2 decimal places. Omit $ sign in your response.)

Balloon payment