Assume that the Sayeds buy a home in January and borrow $200,000 to finance it. The mortgage interest and principal payment is $1,199.10 per month. In the first year, they paid $11,933 in interest, $2,456 in principal, and $1.800 in property taxes. They are in the 25 percent marginal tax bracket. Approximately how much will they save in taxes the first year by being able to deduct their mortgage interest and property tax? Don't forget that they previously were entitled to take the standard deduction for married persons filing jointly ($12,600 married filing jointly in 2015)