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You would like to buy a house that costs $ 350,000. You have $50,000 in cash...

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 you a​ 30-year mortgage that requires annual payments and has an interest rate of 9% per year. You can afford to pay only $28,320 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 be this balloon payment? Hint: The balloon payment will be in addition to the 30th payment.

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