You can afford monthly payments of $$$$500.$ If current mortgage rates are $3\mathrm{.}38\%$ for a $30-$year fixed rate$$ loan, how much can you afford to$$ borrow? If you are required to make a $20\%$ down payment and you have the cash on hand to do$$ it$,$ how expensive a home can you$$ afford? $($Hint: You will need to solve the loan payment formula for$$ P$.)$