Question
Javier and Anita Sanchez purchased a home on January 1 of year 1 for $1,000,000 by paying $200,000 down and borrowing the remaining $800,000 with
Javier and Anita Sanchez purchased a home on January 1 of year 1 for $1,000,000 by paying $200,000 down and borrowing the remaining $800,000 with a 6 percent loan secured by the home. The Sanchezes made interest-only payments on the loan in years 1 and 2.(Leave no answer blank. Enter zero if applicable.)
a.Assuming year 1 is 2017, how much interest would the Sanchezes deduct in year 2?
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Essentials Of Forensic Accounting
Authors: Michael A Crain, William S Hopwood
2nd Edition
1948306441, 978-1948306447
