The interest rate for the first five years of a $27,000 mortgage loan was 3.25% compounded semiannually. The monthly payments computed for a 10-year amortization were rounded to the next higher $10. a) Calculate the principal balance at the end of the first term. b) Upon renewal at 5.75% compounded semiannually, monthly payments were calculated for a 5-year amortization and again rounded up to the next higher $10. What will be the amount of the last payment?