Boris takes out a 4 year mortgage for $587,568.70. The amortization period is 15 years, the interest rate is r⁽²⁶⁾ = 5.125%, and he will make monthly payments.

a) What is the effective monthly interest rate?

b) How much are his monthly payments?

c) How much does he still owe at the end of the mortgage term?

d) When Boris renews his mortgage at the end of the term, with the same term and the same amortization period, his monthly payments don't change! What is the nominal rate (compounded bi-weekly) on his new mortgage?