Rounding in the calculation of monthly interest rates is discouraged. Such rounding can lead to answers different from those presented here. For long-term loans, the differences may be pronounced. You find that the going rate for a home mortgage with a term of 30 years is 7% APR. The lending agency says that based on your income, your monthly payment can be at most $720. How much can you borrow? (Round your answer to the nearest cent.)