***Please NOTE that the question is asking for semi-annual payments when the interest rate given is for quarterly payments... U NEED to convert the i4=9% and i4=10% into semi-annual... tif you do not know how to do this, The formula to do this is (1+i)^2=(1+i/4)^4 using both interest rates

(1 point) A couple purchases a house and signs a mortgage contract for $265000 to be paid with semi-annual payments over 25 years. The interest rate of the mortgage is 14 = 13% and can be renegotiated every 5 years without penalty. At the end of the 5th year they refinance the loan at j4 = 9%. Calculate the initial semi-annual 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 $ (1 point) A couple purchases a house and signs a mortgage contract for $265000 to be paid with semi-annual payments over 25 years. The interest rate of the mortgage is 14 = 13% and can be renegotiated every 5 years without penalty. At the end of the 5th year they refinance the loan at j4 = 9%. Calculate the initial semi-annual 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 $