Please write each step in solving this problem, to inculde the forulma used: Step 1, Step 2 ect. Thank you.

3. Mortgage Financing: Andrea and KG would like to purchase a new home, but theyre not sure they can afford the $2,420/month mortgage payment. A mortgage company is willing to finance the purchase with a 7% rate and 30-year term. Calculate the amount of money the couple is considering borrowing.