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Jane obtained a mortgage of $600,000 to buy a two-bedroom rental apartment at $580,000 and used the remaining $20,000 to buy a new car. If
Jane obtained a mortgage of $600,000 to buy a two-bedroom rental apartment at $580,000 and used the remaining $20,000 to buy a new car. If the apartment is rented for the whole year and the interest expense on the $600,000 loan is $38,000, calculate how much interest Jane can claim as a tax deduction in that year.
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