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 9.1 percent APR for this 360-month loan. However, you can afford monthly payments of only $950, so you offer to pay off any remaining loan balance at the end of the loan in the form of a single balloon payment.

Required:

How large will this balloon payment have to be for you to keep your monthly payments at $950?

Could you please solve this by showing process clearly with explanation ( NOT IN EXCEL ) . Would be great if you could solve this by using financial calculator . I am totally new to this balloon payment thing so don't know if we can use financial calculator to solve for or not . Appreciate it.