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A $360,000 mortgage loan at 8.20% compounded semiannually has a 30-year amortization period. (Do not round the intermediate calculations. Round your answer to 2 decimal

A $360,000 mortgage loan at 8.20% 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.

PMTis $.

b.If the interest rate were 1% lower (that is, 7.20% 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.)

PVis $.

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