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Mark received a 25 year loan of $235,000 to purchase a house. The interest rate on the loan was 2.60% compounded monthly. a. What is
Mark received a 25 year loan of $235,000 to purchase a house. The interest rate on the loan was 2.60% compounded monthly.
a. What is the size of the monthly loan payment?
$
Round to the nearest cent
b. What is the principal balance of the loan at the end of 3 years?$
Round to the nearest cent
c. By how much will the amortization period shorten if Mark made an extra payment of $51,000 at the end of the year 3?
years
months
Express the answer in years and months, rounded to the next month
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