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Business, 19.05.2020 22:21 suzyleonardsl0

On January 1, 2021, Stoops Entertainment purchases a building for $450,000, paying $120,000 down and borrowing the remaining $330,000, signing a 8%, 15-year mortgage. Installment payments of $3,153.65 are due at the end of each month, with the first payment due on January 31, 2021. 4. Total payments over the 15 years are $567,657 ($3,153.65 × 180 monthly payments). How much of this is interest expense and how much is actual payment of the loan?

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