Annette Rintell has been making end-of-month repayments of $1 609.25 on a 30-year $200 000 mortgage with the Riverside Savings Bank for the last 10 years. The interest rate has remained fixed for this period of time at 9% p.a. compounded monthly. Annette has been advised that the Rock Building Society has a special home loan offer at present where they have agreed to meet any payout fees in order to have customer loans transferred to them at their special rate of 7% compounded half-yearly with payments required half-yearly in advance.

Required:

(1) What would be the current payout figure on Annettes home loan with the Riverside Savings Bank (to the nearest dollar)?

(2) What would be the new half-yearly repayment if the loan was transferred to the Rock Building Society?