Suppose a young newlywed couple is planning to buy a home three years from now. To save the down payment required at the time of purchasing a home worth $350,000 (let's assume that the down payment is 20% of the sale price, which is $70,000 ), the couple decides to set aside some money from each of their salaries at the end of every month. If each of them can earn 6% interest (compounded monthly) on his or her savings, determine the equal amount this couple must deposit each month until the point is reached where the couple can buy the home. The monthly amount this couple must deposit is $ (Round to the nearest dollar.)