3-b. How much of the first payment goes to interest expense and how much goes to reducing the carrying value of the loan? (Round your answers to 2 decimal places.) Interest Expense First payment | $ 991.67 Reducing the Carrying Value (The following information applies to the questions displayed below.) On January 1, 2018, Gundy Enterprises purchases an office for $217,000, paying $47,000 down and borrowing the remaining $170,000, signing a 7%, 10-year mortgage. Installment payments of $1,973.84 are due at the end of each month, with the first payment due on January 31, 2018