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A $270,000 mortgage loan at 7.30% compounded semiannually has a 30-year amortization period. (Do not round the intermediate calculations. Round your answer to 2 decimal

A $270,000 mortgage loan at 7.30% compounded semiannually has a 30-year amortization period.(Do not round the intermediate calculations. Round your answer to 2 decimal places.)

a.Calculate the monthly payment.

b.If the interest rate were 1% lower (that is, 6.30% compounded semiannually), what loan amount would result in the same monthly payment?(Do not round the intermediate calculations. Round your answer to 2 decimal places.)

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