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Required information [The following information applies to the questions displayed below.] On January 1, 2024, Bloomfield Enterprises purchases a building for $261,000, paying $51,000

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Required information [The following information applies to the questions displayed below.] On January 1, 2024, Bloomfield Enterprises purchases a building for $261,000, paying $51,000 down and borrowing the remaining $210,000, signing a 7%, 10-year mortgage. Installment payments of $2,438.28 are due at the end of each month, with the first payment due on January 31, 2024. 4. Total payments over the 10 years are $292,594 ($2,438.28 x 120 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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