Adam and Betty are house-shopping, and they find their dream home: a 7^th floor 3bedroom with ocean and mountain views. The seller is asking for $900,000, the annual taxes are $3,375, and the monthly maintenance fee is $550.Adam and Betty have a combined gross income of $160,000/yr. They know lenders apply the rule that no more than 30% of gross income should be spent on housing (including taxes, fees, and mortgage), so they need to calculate the most a lender would allow them to spend on their monthly mortgage payment. How much will a lender allow them to spend on their monthly mortgage payment?

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