John and Peggy would like to buy a house.They have looked at their budget and determined that they can afford a maximum monthly mortgage payment of $1,100.Interest rates on 30-year, fixed-rate mortgages currently have a nominal annual interest rate of 7 percent with monthly compounding (payments due at the end of each month). Given these loan terms, what is the maximum amount John and Peggy borrow today to purchase a house and not exceed a monthly payment of $1,100 on the loan?Round to the nearest dollar.