Ava and Brady have been enjoying their home since they purchased it almost 5 years ago. They have provided you with a copy of their mortgage contract. The following are key details from their mortgage contract: Mortgage amount: 720,000 Mortgage term: 5 years Mortgage amortization: 20 years Fixed closed mortgage, rate: 3.25% Payment schedule: monthly payments They have been contacted by their financial institution regarding their mortgage renewal. Their financial institution is offering Ava and Brady a 3-year fixed closed mortgage at a rate of 3.75%. Required: a) Compute the balance outstanding after 5 years. (10 marks) b) Compute the new mortgage monthly payment upon renewal. (6 marks) c) How much interest will they pay during the new 3-year mortgage period? (8 marks) d) To assist with their budgeting, Ava and Brady are considering changing to bi-weekly payments so the timing will be the same as their payroll deposits. Compute the new mortgage bi-weekly amount upon renewal. (6 marks)