Hassan and Dana had bought a property valued at $1,225,000 for 20% down and a mortgage amortized over 25 years on March 1, 2018. They made equal end-of-month payments towards their mortgage. Interest on the mortgage was 3.29% compounded semi-annually and the mortgage was renewable after five years. 9. What is the size of each monthly payment? 10. What is the cost of the mortgage for the first 5 years? 11. In November 2020, they decided to refinance their mortgage for two reasons: rates were down by quite a lot, and they also wanted to pay off some Line of Credit debt they had accumulated. Suppose the new rate they qualified for was 1.74% compounded semi- annually and they could borrow $1,060,000 from the bank to cover their remaining mortgage balance and LOC debt. The new mortgage is amortized over 25 years, but they also need to pay a penalty for breaking the old mortgage early. If the penalty is the interest differential over the remaining term of the old mortgage (under the old and the new rates), and if the penalty is also added to the new mortgage, what is the size of their new monthly payment?