Question: I need help with these questions. Please indicate your full solution and correct answer. Thank you Timothy received a 15 year loan of $345,000 to

I need help with these questions. Please indicate your full solution andcorrect answer. Thank you Timothy received a 15 year loan of $345,000I need help with these questions. Please indicate your full solution and correct answer. Thank you

Timothy received a 15 year loan of $345,000 to purchase a house. The interest rate on the Ioan was 3.20% 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 Timothy makes an extra payment of $30,000 at the end of year 3 ? years months

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