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Required information [The following information applies to the questions displayed below.] On January 1, 2024,...

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Accounting

Required information [The following information applies to the questions displayed below.] On January 1, 2024, Birmingham Enterprises purchases a building for $162,000, paying $42,000 down and borrowing the remaining $120,000, signing a 8%, 10-year mortgage. Installment payments of $1,455.93 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 $174,712 ($1,455.93 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.) Interest expense Actual payments on the loan
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Required information [The following information applies to the questions displayed below] On January 1,2024, Birmingham Enterprises purchases a building for $162,000, paying $42,000 down and borrowing the remaining $120,000, signing a 8%, 10-year mortgage. Installment payments of $1,455.93 are due at the end of each month, with the first payment due on January 31,2024. Total payments over the 10 years are $174,712($1,455.93120 monthly payments). How much of this is interest expense and how uch is actual payment of the loan? (Round your final answers to the nearest whole dollar amount.)

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