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John obtained a mortgage of $400,000 to buy a two-bed room rental apartment at $380,000 and used the remaining $20,000 to buy a new car.
John obtained a mortgage of $400,000 to buy a two-bed room rental apartment at $380,000 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 $400,000 loan is $28,000, calculate how much interest John can claim as tax deduction in that year
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