A young couple has looked at their budget for a house. They agree that they can afford $1,200.00 per month for a mortgage payment. They share this information with the bank loan officer. The loan officer says they qualify for a 30-year mortgage with monthly payments. The interest rate on the loan will be an annual rate of 6.00% with monthly compounding. What size loan will the bank offer the couple with these requirements? Answer Format: Currency: Round to: 2 decimal places.