(See Example 7) The Hiles family has obtained a house loan of $42,000 for 25 years at 7.5% interest. The monthly payments are $310.38. (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 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 $ 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 $