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Required information Problem 9 - 1 A ( Algo ) Record and analyze installment notes ( LO 9 - 2 ) [ The following information

Required information
Problem 9-1A (Algo) Record and analyze installment notes (LO9-2)
[The following information applies to the questions displayed below.]
On January 1,2024, Birmingham Enterprises purchases a building for $338,000, paying $58,000 down and
borrowing the remaining $280,000, signing a 9%,10-year mortgage. Installment payments of $3,546.92 are due at
the end of each month, with the first payment due on January 31,2024.
Problem 9-1A (Algo) Part 4
Total payments over the 10 years are $425,630( $3,546.92120 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.)
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