A mortgage contract for $48,000 written 10 years ago is just at the end of its second five-year term. The interest rates were 8% compounded semiannually for the first term and 7% compounded semiannually for the second term. If monthly payments throughout have been based on the original 25-year amortization, calculate the principal balance at the end of the second term assuming the amortization period of 20 years on renewal after the first five years. (Round your answer to the nearest cent.)