A couple purchased a house and signed a mortgage contract for $350,000 to be paid in monthly installments over 25 years, at 3.5%. The contract stipulates that after 5 years the mortgage will be renegotiated at a new prevailing rate of interest. Calculate:

i) monthly payment for initial 5 years

ii) the outstanding principal after 5 years

iii) the new payment (now every 2 weeks) after 5 years at 4.2%

NOTE: mortgage rates in Canada are always compounded twice a year