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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

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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 otlering you a 30 -year mortgage that requires annual payments and has an interest rate of 9% per year. You can attord to pay only $28,030 per year. The bank agrees to allow you to pay this amount each year, yot still borrow 5300.000. At the end of the mortgage (in 30 years), you must make a balloon payment, that is, you must repay the remaining batance on the mortgage. How much will be this balloon payment? Hint The baloon payment will be in addition to the 30th payment. The balloon payment is $ (Round to the nearest dollar.)

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