Emily received a 25 year loan of $295,000 to purchase a house. The interest rate on the loan was 2.40% compounded semi-annually. a. What is the size of the monthly loan payment? Round to the nearest cent b. What is the balance of the loan at the end of year 2 ? Round to the nearest cent c. By how much will the amortization period shorten if Emily makes an extra payment of $30,000 at the end of year 2 ? years months