Places like YouTube have been rejecting uploads more and more because of what it classes as copyright music inclusion in the uploads. So, it is good that you have checked ahead of time to assure no problem for private or commercial purposes related to your use of the music whether or not you purchased it.
Do you have iTunes? You can obtain a WAV version there and import that WAV version into your Premiere Elements 14 project with the project's Add Media/Files and Folders/
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On Windows machines you can put your CD in your computer and "Rip" the tracks from the CD and save them as an audio file. Then you just use that file for your project. Use the .wav format when ripping to reproduce high quality sound when rendering your video. Skip step 5 and 6 if you are saving as a .wav file.I'm afraid I don't have any advice if you are a Mac user.
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I thank you, once again.