How much of the first payment goes to interest expense

Reference no: EM133611043

Question: Record and analyze installment notes (LO9-2) Skip to question [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 $2,790.53 are due at the end of each month, with the first payment due on January 31, 2024. Problem 9-1A (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?

Reference no: EM133611043

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