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4. [15 marks] A couple purchased a home and a signed a mortgage contract for $180,000 to be paid with monthly payment calculated over a 25-year period at 1(2) = 10%. The interest rate is guaranteed for 5 years. After 5 years, they renegotiate the interest rate and refinance the loan at ;(2) = 6.5%. Calculate: (a) [5 marks) the monthly payment for the initial 5-year period; (Hint: first calculate the equivalent monthly effective interest rate .) (12) 12 (b) [5 marks] the new monthly payments after 5 years; (c) (5 marks] the outstanding balance at the end of 10 years