Previous Problem Problem List Next Problem (1 point) A couple purchases a house and signs a mortgage contract for $500000 to be paid with quarterly payments over 15 years. The interest rate of the mortgage is j1 = 12% and can be renegotiated every 5 years without penalty. At the end of the 5th year they refinance the loan at j1 = 8%. Calculate the initial quarterly payment and the payment after the mortgage is refinanced. Also determine the value of the savings for the 2nd 5-year period with the new payment, and the outstanding balance of the mortgage at the end of 10 years. Initial Payment: $ Refinanced Payment: $ Savings: $ Outstanding Balance $