Jim and Pam are currently renting and would like to purchase their own home. Assume Jim and Pam have saved a deposit of $125,000, and have a budget where they can save $700 per month and they currently pay $1,850 per month in rent, and current home loan interest rates are 5%. What is the maximum purchase price they can afford over a 25 year term? Assume monthly repayments. [4 marks] Type your answers in the space provided below. Show all workings/calculations