An amount of $350,000 is borrowed for a period of 30 years at an interest rate of 5.5%. The amortization schedule for this loan is below. Payments of $1,987.26 are made monthly.
Payment #
Payment
Interest
Debt Payment Balance
1
1,987.26 1,604.17
383.09
2
1,987.26 1,602.41
384.85
y
у
3
1,987.26 1,600.65
386.61
N
Calculate the value of z, the balance of the loan at the end of month 3.
Round your answer to the nearest dollar.
Do NOT round until you calculate the final answer.