Question
On April 1, year 1, Mary borrowed $230,000 to refinance the original mortgage on her principal residence. Mary paid 1 points to reduce her interest
On April 1, year 1, Mary borrowed $230,000 to refinance the original mortgage on her principal residence. Mary paid 1 points to reduce her interest rate from 7 percent to 6 percent. The loan is for a 30-year period. How much can Mary deduct in year 1 for her points paid?
Multiple Choice
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$76.5.
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$57.5.
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$1,725.
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$2,300.
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Auditing And Assurance Services An Integrated Approach
Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley
11th Edition
0131867121, 978-0131867123
