Assume your home is assessed at $235,000. You have a $207,000 loan for 30 years at 7 percent. Your property tax rate is 1.2 percent of the assessed value. In year one, you would pay $14,490 in mortgage interest and $2,820 in property tax (1.2 percent on $235,000 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