Question
On April 1, year 1, Mary borrowed $310,000 to refinance the original mortgage on her principal residence. Mary paid 2 points to reduce her interest
On April 1, year 1, Mary borrowed $310,000 to refinance the original mortgage on her principal residence. Mary paid 2 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?
$240.
$180.
$5,400.
$7,200.
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Compute the amount to be deducted by person M in year 1 a...
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Modern Advanced Accounting In Canada
Authors: Hilton Murray, Herauf Darrell
7th Edition
1259066487, 978-1259066481
