(1 point) A couple purchases a house and signs a mortgage contract for $480000 to be paid with monthly payments over 30 years. The interest rate of the mortgage is j1 = 15% and can be renegotiated every 5 years without penalty. At the end of the 5th year they refinance the loan at j1 = 12%. Calculate the initial monthly payment and the payment after the mortgage is refinanced. Also determine the value of the savings for the 2nd 5-year period with the new payment, and the outstanding balance of the mortgage at the end of 10 years. Initial Payment: Refinanced Payment: Savings: Outstanding Balance