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Required information The following Information applies to the questions displayed below) On January 1, 2021,...

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Required information 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 4. Total payments over the 10 years are $334,392 ($2,786,60 * 120 monthly payments). How much of this is interest expense and how much is actual payment of the loan? Interont expone Actual payments on the loan

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