John and Eva are buying a condo that will require a mortgage of $784,000. The posted rate is 7.80% (APR compounded semi-annually) for a 5-year term, repayable in equal monthly payments. They have chosen a 20-year amortization. What will be the principal owing when the mortgage comes up for renewal in 5 years?

a.

$396,373

b.

$531,483

c.

$360,339

d.

$1,156,492

e.

$683,055

Please explain how to solve using financial calculator