(See Example 7) The Hiles family has obtained a house loan of $41,000 for 25 years at 8.5% interest. The monthly payments are $330.14. (Round your answers to two decimal places.) (a) What is the balance of their loan after 1 year? $ x (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 as compared to $ of equity after the one-year period. Compare the total payments made over 1 year with the equity after 1 year. The total payments made over the one-year period was $ 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