A couple takes out a $$500,000$ mortgage from their favorite bank. They plan on paying it off over $25$ years through bi$-$weekly payments. They opt for a fixed$-$rate, $5-$year term mortgage that carries an interest rate of $6\%/$year compounded semi$-$annually. At the end of this term, the mortgage will need to be renewed and the rate may change. $($d$)$ During the initial $5-$year term, there is a penalty of $6$ months$$ payments on any principal repaid early. After $3$ years, the bank$$s interest rate on $2-$year mortgages falls to $4\mathrm{.}75\%/$year compounded semi$-$annually. Calculate the new bi$-$weekly payment if the loan is refinanced and set up to have the same outstanding balance at the end of the initial $5-$year term. Would it pay to refinance?