$!$

Required information

Problem $9-1$A $($Algo$)$ Record and analyze installment notes $($LO$9-2)$

$[$The following information applies to the questions displayed below.$]$

On January $1,2024,$ Howell Enterprises purchases a building for $$283,000,$ paying $$53,000$ down and

borrowing the remaining $$230,000,$ signing a $8\%,10-$year mortgage. Installment payments of

$$2,790\mathrm{.}53$ are due at the end of each month, with the first payment due on January $31,2024.$

Problem $9-1$A $($Algo$)$ Part $3$

$3-$a$.$ Record the first monthly mortgage payment on January $31,2024.$

$3-$b$.$ How much of the first payment goes to interest expense and how much goes to reducing the carrying value of the

loan?

Record the first monthly mortgage payment.

Note: Enter debits before credits.

How much of the first payment goes to interest expense and how much goes to reducing the carrying value of the loan?

$($Round your answers to $2$ decimal places. Do not round intermediate calculations.$)$

Required information

Problem $9-1$A $($Algo$)$ Record and analyze installment notes $($LO$9-2)$

$[$The following information applies to the questions displayed below.$]$

On January $1,2024,$ Howell Enterprises purchases a building for $$283,000,$ paying $$53,000$ down and

borrowing the remaining $$230,000,$ signing a $8\%,10-$year mortgage. Installment payments of

$$2,790\mathrm{.}53$ are due at the end of each month, with the first payment due on January $31,2024.$

Problem $9-1$A $($Algo$)$ Part $4$

Total payments over the $10$ years are 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