Alonzo has a mortgage of $480,000 through the RBC for a vacation property. The mortgage is repaid by end of month payments with an interest rate of 6% compounded monthly for a term of 3 years, amortized over 21 years. At the end of the 3-year term, Alonzo will renew the mortgage for another 3-year term at a new, lower interest rate of 3.7% compounded monthly. Round ALL answers to two decimal places if necessary. 1) What are the end of month payments before the renewal of the mortgage? What is the balance when the mortgage is renewed

Alonzo has a mortgage of $480,000 through the RBC for a vacation property. The mortgage is repaid by end of month payments with an interest rate of 6% compounded monthly for a term of 3 years, amortized over 21 years. At the end of the 3-year term, Alonzo will renew the mortgage for another 3-year term at a new, lower interest rate of 3.7% compounded monthly. Round ALL answers to two decimal places if necessary. 1) What are the end of month payments before the renewal of the mortgage? 2) What is the balance when the mortanae is renewed? 3) What will he the new end of month navments after the mortcare is renewed