Lonette and Al received a statement reporting that they paid $8,000 in mortgage interest during the past year. If they are in a 24 percent tax bracket, and they itemize their deductions, this deduction would reduce their taxable income by Select one: a. $1,000 b. $2,240 c. $3,000 d. $4,000 e. $8,000 Clear my choice

Lonette and Al received a statement reporting that they paid $8,000 in mortgage interest during the past year. If they are in a 24 percent tax bracket, and they itemize their deductions, this deduction would reduce their taxable income by Select one: a. $1,000 b. $2,240 c. $3,000 d. $4,000 e. $8,000 Clear my choice