6-65 EnergyMax Engineering constructed a small office building for their firm 5 years ago. They financed it with a bank loan for $450,000 over 15 years at 6% interest with quarterly payments and compound- ing. The loan can be repaid at any time without penalty. The loan can be refinanced through an insur- ance firm for 4% over 20 years-still with quarterly compounding and payments. The new loan has a 5% loan initiation fee, which will be added to the new loan. (a) What is the balance due on the original mort- gage (20 payments have been made in the last 5 years)? (b) How much will Energy Max's payments drop with the new loan? How much longer will the proposed loan run