#3 (36 points) 3.1 (18 points) A company is trying to buy a new building that costs $500,000. They take out a loan for the new building making monthly payments at an interest rate of 3.6% compounded monthly for 15 years.

a. (6 points) Calculate the monthly payment?

b. (6 points) How much interest does the company pay in the first year?

c. (6 points) If the resort pays the loan off after 6 years how much money does it save by not making the rest of the payments?