For calendar year 2004, the Johnsons are eligible to claim a standard deduction of $9,700 on their income taxes. Alternatively, they may itemize deductions. Their eligible deductions are $600 of charitable contributions, $6,643 of property taxes, and interest on their mortgage. Their mortgage is a standard fifteen-year amortisized loan with a nominal monthly interest rate of 5.85%, and the amount financed was $216,000. The loan was initiated on April 1 of calendar-year N. Explain to the Johnsons how small N must be so that they would pay less income tax by taking the standard deduction. That is, explain to the Johnsons when the $9,700 standard deduction is lower than their total itemized deductions? Note that the Johnsons are highly educated people who would appreciate a carefully written explanation of this tax issue.