Question 5 of 12 Ali received a 30 year loan of $330,000 to purchase a house. The interest rate on the loan was 2.40% 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 2 years? $ Round to the nearest cent c. By how much will the amortization period shorten if Ali made an extra payment of $54,000 at the end of the year 2? years months Express the answer in years and months, rounded to the next month