Question 7 of 13 Chelsea received a 15 year loan of $255,000 to purchase a...
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Question 7 of 13 Chelsea received a 15 year loan of $255,000 to purchase a house. The interest rate on the loan was 4.90% compounded monthly. a. What is the size of the monthly loan payment? $0.00 Round to the nearest cent b. What is the principal balance of the loan at the end of 3 years? 50.00 Round to the nearest cent C. By how much will the amortization period shorten if Chelsea made an extra payment of $53,000 at the end of the year 3? o years months Express the answer in years and months, rounded to the next month Next
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