You just took out a $450000 mortgage for piece of lake-front land in northern Alberta. You negotiated with your bank for a 9.5\% nominal interest rate (compounded monthly) and a 20 -year amortization period (the duration over which the loan is calculated to be repaid). Please use the factor formula to solve the questions below: (a) Calculate your monthly payments. Monthly payments =$ (b) A short time later, you're interested in refinancing your mortgage. How much do you still owe after three years? =$ (Keep 2 decimal places)