You want to purchase a $$1,000,000,8\%$ cap rate property. The tenant has a long $(100$ years$)$ lease

with fixed rent $($i$.$e$.,g=0).$

A lender will lend you $$800,000$ as a $10-$year balloon loan at a $6\%$ annual interest rate $($annual

payments$).$ However, the lender requires that the entire cash flow from the property $($$$80,000)$ be

used toward principal and interest payments.

Assume that rent and interest payments are made at the end of the year.

What will be the loan balance $($ $ $)$ after making $10$ annual payments of $$80,000?$