a. You are arranging a $370,000 Canadian mortgage with a 27-year amortization period and a 7% posted interest rate. What is the monthly mortgage payment? (Do not round intermediate calculations. Round your answer to the nearest cent.)

The monthly mortgage payment

$

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.)

The mortgage is paid off years sooner.