On April 1, year 1, Mary borrowed $200,000 to refinance the original mortgage on her principal residence. Mary paid 3 points to reduce her interest
On April 1, year 1, Mary borrowed $200,000 to refinance the original mortgage on her principal residence. Mary paid 3 points to reduce her interest rate from 6 percent to 5 percent. The loan is for a 30-year period. How much can Mary deduct in year 1 for her points paid?
Group of answer choices
$150
$200
$4,500
$6,000
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Authors: Robert Ingram, Thomas L. Albright, Bruce A. Baldwin, John Hill
1st Edition
0538815388, 978-0538815383
