Three years ago Paul and Charla purchased a home and got a $321,846 mortgage with a 25-year amortization at 7.25% interest compounded semi-annually and weekly payments. The term of the mortgage is now over, and they are renewing on the same amortization timeline for another three-year term at 5.25% interest compounded semi-annually and biweekly payments. For full marks your answer should be rounded to the nearest cent.

What is the balance remaining after the first term?

Balance =$0.00

How much are the new payments for the second term?

Payment = $0.00