Seven years ago Cody and Stefan purchased a home and got a $747,399 mortgage with a 7-year term and 30-year amortization at 3.25% interest compounded semi-annually with monthly payments. They are renewing their mortgage on the same amortization timeline for another seven-year term at 7.25% interest compounded semi-annually and biweekly payments. For full marks your answer(s) should be rounded to the nearest cent.

1. What is the balance remaining after the first term?

   Balance = $___

2. How much are the new payments for the second term?

   Payment = $___

3. What is the balance remaining after the second term?

Balance = $___