Muriel would like to borrow $48,600 to pay one year's tuition at a private U.S. university. She would like to make quarterly payments and finish repaying the loan in 7 years. If the bank is quoting her a rate of 8 percent compounded monthly. Determine her quarterly payment. (Round effective interest rate to 4 decimal places, e.g. 25.1253% and final answer to 2 decimal places, e.g. 125.12.) Quarterly payments b) 5 years ago, Abe borrowed $318,700 to purchase a house in Sandy Lake. At the time, the quoted rate on the mortgage was 5 percent, the amortization period was 25 years, the term was 5 years, and the payments were made monthly. Now that the term of the mortgage is complete, Abe must renegotiate his mortgage. If the current market rate for mortgages is 7 percent. What is Abe's new monthly payment? (Round effective monthly rate to 6 decimal places, e.g. 25.125412% and final answer to 2 decimal places, e.g. 125.12. Do not round your intermediate calculations.) New monthly payments