Question 1 (6 points) Question 1a (2 marks) Paul's house was purchased for $280,000 exactly five years ago and is worth $296,000 now. At the time of purchase, Paul took out a five-year fixed mortgage of $224,000 amortized over 25 years, at four percent interest compounded semi- annually. He makes bi-weekly payments (once every two weeks). Required (show all calculations): How much is the bi-weekly payment on this mortgage? Question 1b (4 marks) Refer to the facts in the previous question. At the end of the original five-year term, Paul obtained a renewal rate of 3.5% for a new five-year term. Required (show all calculations): How much is his new bi-weekly mortgage payment under the renewal