ARM$-$Loan term of $30$ years and an interest rate of $5\mathrm{.}1\%$ per year compounded monthly for the first $7$ years.

Part $1$ of $3$

$($a$.)$ What is the maximum amount they can borrow with this mortgage?

Use a TVM solver to solve this problem. Fill in the information that you typed into the TVM solver. Round the final answer to two decimal places.

$\backslash$table$[[N=,360,$hat$(v)$