A student takes out a loan of $1,700 at the beginning of each semester (semi-annually) for 7 semesters to pay for college. The loan charges 5.6% interest compounded semiannually. The student graduates after the 7 semesters and refinances the loan to a lower 4.9% rate compounded monthly with monthly payments (made at the end of each month) for 120 months.

Find the monthly payment and the total interest paid.