Scenario: James is purchasing a house that has a selling price is $$650,000.$ He will be$$applying for a mortgage from a local bank. He will be making a $10\%$ down$-$payment. He$$has calculated that his monthly mortgage payment $($principal and interest$)$ will be$$$$2,385.$ The monthly property tax will be $$250$ and the monthly heating bill will be $$80.$Question: What is the amount of personal savings he needs to have in his bank account$$including down$-$payment, closing cost, and reserves $($as per discussion in the class$$lecture$)$ to show the Bank for a smooth mortgage loan approval? $($ignore any mortgage$$insurance$)$