On January 1, 2024, Birmingham Enterprises purchases a building for $195,000, paying $45,000 down and borrowing the remaining $150,000, signing a 8%, 10-year mortgage. Installment payments of $1,819.91 are due at the end of each month, with the first payment due on January 31, 2024.

A. Total payments over the 10 years are $218,389 ($1,819.91 120 monthly payments). How much of this is interest expense and how much is actual payment of the loan?

B. Complete the first three rows of an amortization schedule.