The Smiths would like to buy a townhouse in North Vancouver. Their gross monthly income is $9,000 per month. The property taxes on the townhouse are $3,300 per year, and they also have to pay a monthly maintenance fee of $150 per month for the upkeep on the townhouse complex. Banks normally use the 30% rule: no more than 30% of your gross income can go towards paying your mortgage, property taxes and monthly maintenance fees. What is the largest mortgage a bank would authorize if the mortgage is amortized over 25 years and the rate of interest is 5.8% compounded semi-annually? (Assume monthly payments).