Naomi has a mortgage of $910,000 through the Scotiabank for a vacation property. The mortgage is repaid byend of monthpayments with an interest rate of 5.4% compounded monthly for a term of 5 years, amortized over 19 years. At the end of the 5-year term, she will renew the mortgage for another 5-year term at a new, lower interest rate of 5.2% compounded monthly.

Enter ONLY POSITIVE VALUES for ALL ANSWERS, rounded to two decimal places.

1) What are theend of monthpayments before the renewal of the mortgage?

$

2) What is the balance when the mortgage is renewed?

$

3) What will be the newend of monthpayments after the mortgage is renewed?

$