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1 pts Question 15 Suppose the first year mortgage interest payment is 8,000. Property tax for that year is $3,000. The marginal federal tax rate

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1 pts Question 15 Suppose the first year mortgage interest payment is 8,000. Property tax for that year is $3,000. The marginal federal tax rate is 25%, and the marginal state tax rate is 7%. Standard deduction for both federal and state taxes is 10,300. Assuming there is no other items eligible for itemized deduction, what is the tax benefit of homeownership for this year? Answer: $

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