Bank of Burnaby will lend to you the lesser of 80% of the value of the home you purchase or an amount such that your monthly payments are no more than 25% of your gross income. The interest rate on a five year term (25 year amortization) fixed rate loan with semi-annual compounding is 4.25%. If your gross income is $100,000 per year and you wish to purchase a $600,000 home, what is the most you can borrow?