The Johnson have accumulated a nest egg of $50,000 that they intend to use as a down payment toward the purchase of a new house. Because this present gross income has placed them in relative high tax bracket, they have decided to invest a minimum of $2200/month in monthly payment toward the purchase of their house. However, because of the financial obligations, their monthly payment should not exceed $2800. If local mortgage rates are 2.5%year compounded monthly for a conventional 30-year mortgage, what is the price range of houses that they should consider. (Round your answer to your nearest cents)