On January 1, 2024, Gundy Enterprises purchases a building for $360,000, paying $60,000 down and borrowing the remaining $300,000, signing a 7%, 10-year mortgage. Installment payments of $3,483.25 are due at the end of each month, with the first payment due on January 31, 2024. Problem 9-1A (Static) Part 4 -. Total payments over the 10 years are $417,990 ($3,483.25 x 120 monthly payments). How much of this is interest expense and how much is actual payment of the loan?

On January 1, 2024, Gundy Enterprises purchases a buliding for $360,000, paying $60,000 down and borrowing the remaining $300,000, signing a 7%,10-year mortgage. Installment payments of $3,483,25 are due at the end of each month, with the first payment due on January 31, 2024. oblem 9-1A (Static) Part 4 Total payments over the 10 years are $417,990 ( $3,483.25120 monthly payments). How much of this is interest expense and how ich is actual payment of the loan