On January 1, 2024, Stoops Entertainment purchases a building for $450,000, paying $100,000 down and borrowing the remaining $350,000, signing a(n) 7%, 20-year mortgage. Installment payments of $2,713.55 are due at the end of each month, with the first payment due on January 31, 2024.

3-a. Record the first monthly mortgage payment on January 31, 2024.

3-b. How much of the first payment goes to interest expense and how much goes to reducing the carrying value of the loan?

4. Total payments over the 20 years are $651,252 ($2,713.55 240 monthly payments). How much of this is interest expense and how much is actual payment of the loan? (Round your final answers to the nearest whole dollar amount.)