Assume your home is assessed at $275,000. You have a $236.000 loan for 20 years at 5 percent. Your property tax rate is 1.4 percent of the assessed value in year one, you would pay $11,800 in mortgage Interest and $3,850 in property tax (1.4 percent on $275.000 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.)