Question 7 [8 points) Seven years ago Paul and Oleg purchased a home and got a $315,465 mortgage with a 7-year form and 25-year amortization at 6 25% interest compounded semi-annually with monthly payments. They are renewing their mortgage on the same amortization timeline for a five-year term at 9% interest compounded semi-annually and monthly payments For full marks your answer should be rounded to the nearest cont a) What is the balance remaining after the first torm? Balance =$ 0.00 b) How much total interest was paid during the first term? Interest - 0.00 c) How much total principal was paid down during the first torm? Principal - $ 0.00 d) How much are the new payments for the second term? Payment - $ 0.00 e) What is the balance remaining atter the second torm? Balance $ 0.00 Time Remaining: 13:53 SUBMIT AND MAREK Question 7 [8 points) Seven years ago Paul and Oleg purchased a home and got a $315,465 mortgage with a 7-year form and 25-year amortization at 6 25% interest compounded semi-annually with monthly payments. They are renewing their mortgage on the same amortization timeline for a five-year term at 9% interest compounded semi-annually and monthly payments For full marks your answer should be rounded to the nearest cont a) What is the balance remaining after the first torm? Balance =$ 0.00 b) How much total interest was paid during the first term? Interest - 0.00 c) How much total principal was paid down during the first torm? Principal - $ 0.00 d) How much are the new payments for the second term? Payment - $ 0.00 e) What is the balance remaining atter the second torm? Balance $ 0.00 Time Remaining: 13:53 SUBMIT AND MAREK