Terry has just sold his flat and purchased a restaurant with the proceeds. The cost of the restaurant to Terry is €200,000 and the seller requires a 20 per cent up-front payment. Terry is able to pay the up-front payment from the proceeds of the flat sale. He needs to take out a mortgage and has been able to arrange one with Fry Bank that charges a 12 per cent APR. Terry will make equal monthly payments over the next 20 years. His first payment will be due one month from now. However, the mortgage has a 10-year balloon payment option, meaning that the balance of the loan could be paid off at the end of year 10. There were no other transaction costs or finance charges. How much will Terry's balloon payment be in 8 years?