You are considering the purchase of a condominium to use as a rental property. You estimate that you can rent the condominium for $1,100 per month and that taxes, insurance, and maintenance costs will run about $100 per month. If interest rates are 12% compounded monthly, how large a 20 -year mortgage can you assume and still have the rental income cover the monthly expenses? The mortgage is $ (Round to the nearest cent as needed.)