Dae-Sung has a mortgage for $722,165.00. The term of the mortgage is 5 years, and the amortization period is 20 years. Dae-Sung will make monthly payments and the mortgage rate is r(12) = 3.000%.

a) When the mortgage term expires Dae-Sung takes out a new mortgage for the outstanding balance still owing. Except for the amount, the new mortgage has exactly the same terms (interest rate, term, amortization period, etc.) as the original mortgage. What are his new monthly payments?

b) Dae-Sung refinances his mortgage after 3 years (without penalty). The new mortgage has exactly the same terms (term, amortization period, etc.) as the original mortgage except for the amount and the interest rate. The amount is the outstanding balance still owing on the original mortgage, and the new interest rate is r(12) = 2.750%. What are the the new monthly payments?