part 4

Required information [The following information applies to the questions displayed below) On January 1, 2021. Gundy Enterprises purchases an office building for $349,000, paying $59,000 down and borrowing the remaining $290,000, signing a 8%, 10-year mortgage Installment payments of $3,518.50 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 $422,220 ($3,518,50 120 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