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(See Example 7) The Hiles family has obtained a house loan of $47,000 for 25 years at 6.5% interest. The monthly payments are $317.35. (Round

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(See Example 7) The Hiles family has obtained a house loan of $47,000 for 25 years at 6.5% interest. The monthly payments are $317.35. (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

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