Maymay has a mortgage of $590,000 through Scotiabank for a vacation property. The loan is repaid by end of month payments with an interest rate of 5.9% compounded monthly for a term of 7 years, amortized over 20 years. At the end of the 7-year term, she will renew her mortgage for another 7-year term at a new, lower interest rate of 3.9% compounded monthly.

1) What are the monthly payments before the renewal of the mortgage?

$

2) What is the loan balance when the mortgage is renewed?

$

3) What will be the new monthly payments after the loan is renewed?

$