You are considering whether you should take a part time job during your studies, i.e. "less study", or take out a low-interest student loan until you start your first job, i.e. "more study".

If you choose the "more study" option, you are expected to get a higher-paying job when you graduate. You estimate that the total value of this higher-paying job is $71,000 at the time you start your first job (compared to the "less study" option). If a low-interest loan charges an interest rate of 1.6%p.a., compounded monthly, and there are exactly 3 years left until you would start your first job, what is the maximum you could borrow each month for it to still be beneficial to choose the "more study" option? Enter you answer to the nearest cent (two decimal places).