Monica received a 30 year loan of $220,000 to purchase a house. The interest rate on the loan was 5.80% 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 Monica made an extra payment of $53,000 at the end of the year 3? years months Express the answer in years and months, rounded to the next month