New Scenario (Independent): Leo needs a home loan. According to his income, he could borrow maximum $2,984,108 when the interest rate was 6% p.a. compounded monthly. To fully repay the loan in 30 years, Leo will make equal monthly repayments including the principal and the interest starting one month after the borrowing date. The bank increased the interest rate to 9% p.a. compounded monthly today. Calculate the maximum amount Leo can borrow now. Assume there is no change in the monthly repayments and the loan term.