You need a 30-year, fixed-rate mortgage to buy a new home for $200,000. Your mortgage bank will lend you the money at a 7.6 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.

How large will this balloon payment have to be for you to keep your monthly payments at $950? $65,453.34

a. $616,272.11

b. $660,745.36

c. $635,332.07

d. $37,396.95