Question: On January 1 , 2 0 2 4 , Stoops Entertainment purchases a building for $ 4 8 0 , 0 0 0 , paying

On January 1,2024, Stoops Entertainment purchases a building for $480,000, paying $110,000 down and borrowing the remaining $370,000, signing a(n)9%,10-year mortgage. Installment payments of $4,687.00 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 $562,440($4,687.00120 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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