Mitchell purchased a house for $325,000. He made a down payment of 15.00% of the value of the house and received a mortgage for the rest of the amount at 6.32% compounded semi-annually amortized over 20 years. The interest rate was fixed for a 4 year period.

a. Calculate the monthly payment amount.

Round to the nearest cent

b. Calculate the principal balance at the end of the 4 year term.

Round to the nearest cent

c. Calculate the monthly payment amount if the mortgage was renewed for another 4 years at 3.72% compounded semi-annually?

Round to the nearest cent