Five years ago, Paul borrowed $280,000 to purchase a house in Sandy Lake. At the time, the quoted rate on the mortgage was 6 percent, the amortization period was 25 years, the term was 5 years, and the payments were made monthly. Now that the term of the mortgage is complete, Paul must renegotiate his mortgage. If the current market rate for mortgages is 8 percent, what is Paul's new monthly payment? (Round effective monthly rate to 6 decimal places, e.g. 25.125412\% and final answer to 2 decimal places, e.g. 125.12. Do not round your intermediate calculations.) After living in a university residence for one year, Alysha decides to rent an apartment for the remaining three years of her degree. She has found a nice location that will cost $930 per month. Rent for the first and last month must be paid up front. How much money would Alysha need to have in her bank account right now to be sure she will always have enough for rent? The bank account pays 4.5 percent interest, compounded monthly. (Round answer to 2 decimal places, e.g. 125.12. Do not round your intermediate calculations.) Amount Alysha would need to have right now