A $148,000 mortgage loan carries an interest rate of 6.2% compounded semiannually, a five-year term, and a 30-year amortization period. Payments will be made at the end of every month.(Do not round the intermediate calculations. Round your answers to 2 decimal places.)

a.Calculate the balance owing on the mortgage at the end of the five-year term.

Balance is $.

b.What will be the monthly payments if the loan is renewed for another five-year term at 7% compounded semiannually and the original amortization period is continued?

PMTis $.