You Need a 30-Year,fixed-Rate Mortgage to Buy a New Home

You need a 30-year,fixed-rate mortgage to buy a new home for $240,000.Your mortgage bank will lend you the money at a 7.5 percent APR for this 360-month loan,with interest compounded monthly.However,you can only afford monthly payments of $850,so you offer to pay off any remaining loan balance at the end of the loan in the form of a single balloon payment.What will be the amount of the balloon payment if you are to keep your monthly payments at $850?

A) $1,112,464
B) $1,113,316
C) $1,114,480
D) $1,115,840
E) $1,116,315