A house in New Westminster costs $1,500,000. The buyer has a down payment of $345,000. A mortgage for the balance is taken out, it is to be amortized by monthly payments (end of month) for 25 years. Interest is 5.75% compounded semi-annually for a 4- year term. After that term is over, the mortgage is renewed for a 3- year term at 5% compounded semi-annually. What is the size of the new monthly payment for the new term? Hint: Use the AMORT function on your calculator to find the outstanding balance at the end of the first 4-year term. This balance is the PV of the new 3- year term. (Round your final answer to 2 decimals).