You have decided to buy a house. First, you want to determine how much you can borrow from a bank for your home loan (mortgage). Based on your current financial situation, you can afford to make monthly repayments of $3,000 at the end of each month. You plan to repay the mortgage over 30 years. Banks are currently offering an interest rate of 5% p.a. for home loans, with interest compounding monthly. How much can you borrow today?

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