You have just taken out a $400,000 mortgage to enable you to purchase your new home. The mortgage is an annual pay mortgage at an interest rate of 5% per year with a 25-year amortization. The interest rate is fixed for five years at which time a new interest rate will have to be negotiated. How much will be owing on the mortgage at that point in time? Select one: a. $303,346 b. $325,685 c. $295,983 d. $353,690