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Jan sold her house on December 31 and took a $100,000 mortgage as part of the payment. The 20-year mortgage has a 5% nominal interest

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Jan sold her house on December 31 and took a $100,000 mortgage as part of the payment. The 20-year mortgage has a 5% nominal interest rate, but it calls for semiannual payments beginning next June 30. Next year Jan must report on Schedule B of her IRS Form 1040 the amount of interest that was included in the two payments she received during the year. How much interest must Jan report on Schedule B for the first year? $2462.91 $4962.91 $2500.00 $5,000.00

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