The interest rate for the first five years of an $100,000 mortgage loan is 9.4% compounded semiannually. Monthly payments are calculated using a 20-year amortization.

a.	What will be the principal balance at the end of the five-year term? (Do not round intermediate calculations and round your final answer to 2 decimal places.)

Principal balance

$

b.	What will be the monthly payments if the loan is renewed at 6.8% compounded semiannually (and the original amortization period is continued)? (Do not round intermediate calculations and round your final answer to 2 decimal places.)

Payment

$

per month