4. Total payments over the 10 years are $236,861 ($1,973.84 x 120 monthly payments). How much…

4. Total payments over the 10 years are $236,861 ($1,973.84 x 120 monthly payments). How much of this is interest expense and how much is actual payment of the loan? Actual payments on the loan Interest expense [The following information applies to the questions displayed below.) On January 1, 2018, Gundy Enterprises purchases an office for $217,000, paying $47,000 down and borrowing the remaining $170,000, signing a 7%, 10-year mortgage. Installment payments of $1,973.84 are due at the end of each month, with the first payment due on January 31, 2018.