On January 1, 2021, Gundy Enterprises purchases an office building for $228,000, paying $48,000 down and borrowing the remaining $180,000, signing a 8%, 10-year mortgage. Installment payments of $2,183.90 are due at the end of each month, with the first payment due on January 31, 2021. 4. Total payments over the 10 years are $262,068 ($2,183.90 120 monthly payments). How much of this is interest expense and how much is actual payment of the loan? Interest expense Actual payments on the loan