Brianna has a mortgage of $400,000 through the Bank of Montreal for a vacation property. The mortgage is repaid by end of month payments with an interest rate of 4.9% compounded monthly for a term of 4 years, amortized over 22 years. At the end of the 4-year term, Brianna will renew the mortgage for another 4-year term at a new, lower interest rate of 3.2% 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?

P/Y =	C/Y =	N =
I/Y = %	PV = $	FV = $
	PMT = $ (enter the rounded value into the calculator)

2) What is the balance when the mortgage is renewed?

P1 =

P2 =

BAL = $ Enter a positive value.

3) What will be the new end of month payments after the mortgage is renewed?

P/Y =	C/Y =	N =
I/Y = %	PV = $	FV = $
	PMT = $