The interest rate for the first four years of an $98,000 mortgage loan is 9.2% compounded semiannually. Monthly payments are calculated using a 20-year amortization.

a.What will be the principal balance at the end of the four-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 6.6% 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