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On April 1. year 1, Mary borrowed $140,000 to refinance the original mortgage on her principal residence Mary paid 1 points to reduce her interest

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On April 1. year 1, Mary borrowed $140,000 to refinance the original mortgage on her principal residence Mary paid 1 points to reduce her interest rate from 8 percent to 7 percent. The loan is for a 30-year period. How much can Mary deduct in year 1 for her points paid? Multiple Choice $47.0 $35.0 $1,050 $1,400

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