On January 1, 2016, your sister's pet supplies business obtained a 30-year amortized mortgage loan for $350,000 at a nominal annual rate of 7.0%, with 360 end-of-month payments. The firm can deduct the interest paid for tax purposes. What will the interest tax deduction be for 2016? Select the correct answer. a. $24,385.37 b. $24,384.37 C. $24,386.37 d. $24,383.37 e. $24,387.37 Suppose you borrowed $20,000 at a rate of 8.5% and must repay it in 5 equal installments at the end of each of the next 5 years. By how much would you reduce the amount you owe in the first year? Select the correct answer. a. $4,373.37 b. $4,354.47 C. $4,367.07 d. $4,348.17 e. $4,360.77