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Li bought a house in Whitby for $ 3 0 5 0 0 0 5 years ago. He made a down payment of $ 4

Li bought a house in Whitby for $3050005 years ago. He made a down payment of $46000 and financed the house through Scotia Bank with a mortgage amortized over 25 years. Interest for the first 5 years was 4.4% compounded semi-annually and payments were made monthly. At the end of the 5 year term, Li has renewed the mortgage for another 5 years, at 3.7% compounded semi-annually. What is the monthly payment for the second term?

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