You would like to buy a house that costs

$ 350,000

.

You have

$ 50,000

in cash that you can put down on the house, but you need to borrow the rest of the purchase price. The bank is offering a 30-year mortgage that requires annual payments and has an interest rate of

7 %

per year. You can afford to pay only

$ 23,500

per year. The bank agrees to allow you to pay this amount each year, yet still borrow

$ 300,000

.

At the end of the mortgage (in 30 years), you must make a balloon payment; that is, you must repay the remaining balance on the mortgage. How much will this balloon payment be?

The PV of the annuity is : (Round to the nearest dollar.)

The balloon payment is (Round to the nearest dollar.)