Required information Problem 9-1A Record and analyze installment notes (LO9-2) [The following information applies to the questions displayed below.] On January 1, 2021, Gundy Enterprises purchases an office building for $294,000, paying $54,000 down and borrowing the remaining $240,000, signing a 7%, 10-year mortgage. Installment payments of $2,786.60 are due at the end of each month, with the first payment due on January 31, 2021. Problem 9-1A Part 4 4. Total payments over the 10 years are $334,392 ($2,786.60 x 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