Morgan is looking to but her first car. She has figured that she can afford to make up to a $160 monthly payment to the bank for a car loan. She plans to pay off the car loan in 5 years and the bank is willing to give her a 6% interest rate, compounded monthly. What is the maximum amount she can borrow to purchase a car? (How expensive of a car can she afford)

Round to the dollar $ ______

Calculate the answer by read surrounding text.