A new faculty member at the local university pays $1,700 per month to rent an apartment in the downtown area. She teaches on campus 3 days a week and works from home the remaining day. On the days in which she must commute, given the heavy traffic congestion, it takes her 1.5 hours to commute from downtown to campus. According to the assumptions of the bid-rent model, what should this professor be willing to pay in rent per month to live near campus if her hourly wage rate is $40? (In your calculations, assume there are 4 weeks in a given month). Must show all work.