The following table shows annual rates for various types of loans in 2021. Assume monthly payments and compounding periods. HINT [See Examples 5 and 7.] Loan Type 30-Year Mortgage 15-Year Mortgage New Car Loan Used Car Loan Credit Cards Rate 3.03% 2.30% 9.20% 9.45% 13.99% You were considering buying a home with a 30-year mortgage in 2021 and could afford to make a down payment of $40,000 and up to $300 per month on mortgage payments. How much could you have afforded to pay for the home? (Round your answer to the nearest cent.)