Holly purchased a house for $450,000. He made a down payment of 25.00% of the value of the house and received a mortgage for the rest of the amount at 5.72% compounded semi-annually amortized over 25 years. The interest rate was fixed for a 7 year period.

a. Calculate the monthly payment amount.

Round to the nearest cent

b. Calculate the principal balance at the end of the 7 year term.

Round to the nearest cent

c. Calculate the monthly payment amount if the mortgage was renewed for another 7 years at 6.92% compounded semi-annually?