A mortgage for a condominium had a principal balance of $46,900 that had to be amortized over the remaining period of 7 years. The interest rate was fixed at 5.42% compounded semi-annually and payments were made monthly.

a. Calculate the size of the payments. (Round up to the next whole number)

b. If the monthly payments were set at $821, by how much would the time period of the mortgage shorten?

_____year(s) _____ months

c. If the monthly payments were set at $821, calculate the size of the final payment. (Round to the nearest cent)