Antony and Cleopatra have been together for many years. They bought a home in their first year of marriage and currently have an outstanding mortgage balance of $175,000. They are excited as they only have 14 months remaining on their mortgage which is at a fixed rate of 4.5% compounded semi- annually on their five-year (60-month) mortgage term. The current five-year fixed rate of interest for a mortgage is 3.1%, compounded semi-annually. They would like to "blend and extend" their existing mortgage for another five-year term. What rate would they be charged under a blend-and-extend option? Select one: O a. 4.56% O b. 3.43% O c. 3.98% O d. 3.80% O e. 4.01%

Antony and Cleopatra have been together for many years. They bought a home in their first year of marriage and currently have an outstanding mortgage balance of \\( \\$ 175,000 \\). They are excited as they only have 14 months remaining on their mortgage which is at a fixed rate of \4.5 compounded semiannually on their five-year (60-month) mortgage term. The current five-year fixed rate of interest for a mortgage is \3.1, compounded semi-annually. They would like to \"blend and extend\" their existing mortgage for another five-year term. What rate would they be charged under a blend-and-extend option? Select one: a. \4.56 b. \3.43 C. \3.98 d. \3.80 e. \4.01