Melanie received a 15 year loan of $305,000 to purchase a house. The interest rate on the loan was 3.50% 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 3 ? Round to the nearest cent c. By how much will the amortization period shorten if Melanie makes an extra payment of $30,000 at the end of year 3 ? years months