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[The following information applies to the questions displayed below.] On January 1, 2021, Stoops Entertainment purchases a building for $610,000, paying $110,000 down and borrowing
[The following information applies to the questions displayed below.] On January 1, 2021, Stoops Entertainment purchases a building for $610,000, paying $110,000 down and borrowing the remaining $500,000, signing a 9%, 15-year mortgage. Installment payments of $5,071.33 are due at the end of each month, with the first payment due on January 31, 2021
*Total payments over the 15 years are $912,839 ($5,071.33 180 monthly payments). How much of this is interest expense and how much is actual payment of the loan?
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