Question: On January 1 , 2 0 2 4 , Bloomfield Enterprises purchases a building for $ 1 4 0 , 0 0 0 , paying

On January 1,2024, Bloomfield Enterprises purchases a building for $140,000, paying $40,000 down and borrowing the remaining $100,000, signing a 9%,10-year mortgage. Installment payments of $1,266.76 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 $152,011($1,266.76\times 120 monthly payments). How much of this is interest expense and how much is actual payment of the loan?

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