Question 8 [6 points] Calculate the payment amounts when the mortgages below are renewed for a second term Assume interest rates are fixed and compounded semi-annually, and that the amortization period is reduced appropriately upon renewal. For full marks your answer should be rounded to the nearest cent. New Payment 0.00 Original Amortization First-Term Second-Term Principal Period (Years) Information Information $737,732 30 9% 7.50% Biweekly payments Monthly payments 5-year term 5-year term $343,378 25 6.50% 8% Weekly payments Biweekly payments 3-year term 4-year term $770,487 20 8.25% 4% Monthly payments Monthly payments 4-year term 3-year term 0.00 0.00 Question 8 [6 points] Calculate the payment amounts when the mortgages below are renewed for a second term Assume interest rates are fixed and compounded semi-annually, and that the amortization period is reduced appropriately upon renewal. For full marks your answer should be rounded to the nearest cent. New Payment 0.00 Original Amortization First-Term Second-Term Principal Period (Years) Information Information $737,732 30 9% 7.50% Biweekly payments Monthly payments 5-year term 5-year term $343,378 25 6.50% 8% Weekly payments Biweekly payments 3-year term 4-year term $770,487 20 8.25% 4% Monthly payments Monthly payments 4-year term 3-year term 0.00 0.00