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On Apni 1. year 1, Mary borrowed $260,000 to refinance the original mortgage on her principal residence. Mary paid 1 points to reduce her interest

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On Apni 1. year 1, Mary borrowed $260,000 to refinance the original mortgage on her principal residence. Mary paid 1 points to reduce her interest rate from 4 percent to 3 percent. The loan is for a 30-year period. How much can Mary deduct in year 1 for her points paid? Multiple Choice $650 5870 $2.500 51950

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