Assume your home is assessed at $205,000. You have a $158.000 loan for 30 years at 6 percent. Your property tax rate is 12 percent of the assessed value in year one you would pay $9.480 in mortgage interest and $2.460 in property tax (1.2 percent on $205,000 assessed value) Assuming you are in a 28 percent tax bracket, by what amount would you have lowered your federal income tax? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Federal income tax reduction amount