Li bought a house in Whitby for $305 000 5 years ago. He made a down payment of $46 000 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