A mortgage loan of $6.6 million is to be paid in 19 years using equal monthly payments and the interest rate is 5.45 percent. What would be the monthly payment?

After 4 years: the interest rate decreases by 0.7 percent.

(a) What would be the new monthly payment?

(b) Is there any financial benefit of paying weekly rather than monthly installments? Explain using your own words. (max 100 words)