The MacDonalds are at the bank in order to negotiate a loan to buy a farm where they can raise cows, horses, chickens, and plant spaghetti trees. The MacDonalds would like to finance their purchase over 25 years making monthly payments. According to their financial planning schedule, they would like their mortgage payments to be $2,250 per month. The bank is offering a 25 year amortized mortgage loan at 5.25% (APR compounded semi-annually) with a 5 year term. Calculate the mortgage amount the MacDonalds can borrow for their farm.

Hint: Monthly payments require a monthly interest rate