You have decided to become a student landlord and plan to buy a house in The Village for $920,000. You parents have agreed to supply $200,000 to be used as a down payment, leaving $720,000 to be financed by means of a mortgage. The mortgage broker has quoted 5.25% quoted rate based on a 25-year amortization, which will be compounded semi-annually in accordance with Canadian law.

a) What would be the amount of monthly payments on the mortgage?

b) What would be the principal outstanding after five (5) years?

Round your final answer to 2 decimal points