Assume your home is assessed at $250,000. You have a $241,000 loan for 25 years at 6.5 percent. Your property tax rate is 1.4 percent of the assessed value. In year one, you would pay $15,665 in mortgage interest and $3,500 in property tax (1.4 percent on $250.000 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