11. (See Example 7) The Hiles family has obtained a house loan of $47,000 for 25 years at 8.5% interest. The monthly payments are $378.46. (Round your answers to two decimal places.)

(a) What is the balance of their loan after 1 year? $ (b) What is the balance of their loan after 2 years? $ (c) What is their equity after 1 and 2 years?

1 yr	$
2 yr	$

Compare the total payments made over 1 year with the equity after 1 year.

The total payments made over the one-year period was $(_____) , as compared to $(_____) of equity after the one-year period.

Compare the total payments made over 2 years with the equity after 2 years.

The total payments made over the two-year period was $(_____), as compared to $(_____) of equity after the two-year period.