Seth had accumulated Canada Student Loans totalling $5200 by the time he graduated from Mount Royal University in May. He arranged with the Bank of Nova Scotia to select the floating-rate option (at prime plus 2½%) and to begin monthly payments of $110 on December 31. The prime rate was initially at 3.25%. It dropped by 0.25% effective January 31. Seth made an additional principal payment of $300 on February 14.

a) Calculate the balance owed at the end of the grace period.
b) Calculate the balance owed after the February 28 payment.