Example 7) The Hiles famliy has obtained a house loan of $49,000 for 25 years at 6.5% interest. The monthly payments are $330,85. (Round your answers to two decimal place: (a) What is the balance of their loan after 1 year? (b) What is the balance of their loan after 2 vears? (c) What is their equity anter 1 and 2 years? iv 1 2y Compace the total paymants mode ower i year with the equity after I yeer. The total payments made over the one-year penod was 5 is compared to 1 d equity after the one-veac peried: Compare the totat payments made over 2 years with the equity after 2 vears. The total payments made over the tho-year period was 1 in compared to s of eduity after the two-ver period