a) You are arranging a $365,000 Canadian mortgage with a 28-year amortization period and a 6.75% posted interest rate. What is the monthly mortgage payment? (Do not round intermediate calculations. Round your answer to the nearest cent.)

b) Suppose the bank offers you the opportunity to pay your monthly payments in two equal instalments (pay one-half of the monthly payment every 2 weeks). How much faster will you pay off your mortgage this way? (Do not round intermediate calculations. Round your answer to 1 decimal place.)