Raphael wants to buy a house. To do so, he must incur a mortgage. A local lender has determined that Raphael can afford a monthly principal and interest payment of $750 (i.e., sum of a monthly principal and interest payment is $750). If the current rate on 30-year, fixed-rate mortgages is 7.50 percent, and assuming that Raphael makes a 20% down payment, what is the highest price Raphael can pay for a house (hint: purchase price = down payment + loan amount you can borrow)?