Question 1a (2 marks) Simon's house was purchased for $280,000 exactly five years ago and is worth $296,000 now. At the time of purchase, Simon took out a five-year fixed mortgage of $$224,000 amortized over 25 years, at four percent interest compounded semi- annually. He makes monthly payments. Required (show all calculations): How much is the monthly payment on this mortgage? Question 1b (4 marks) Refer to the facts in the previous question. At the end of the original five-year term, Simon obtained a renewal rate of 3.5% for a new three-year term. Required (show all calculations): How much is his new monthly mortgage payment under the renewal