Question
On September 1, year 1, Jackson borrowed $400,000 to refinance the original mortgage on her principal residence. Jackson paid 2 points to reduce her interest
On September 1, year 1, Jackson borrowed $400,000 to refinance the original mortgage on her principal residence. Jackson paid 2 points to reduce her interest rate from 7.5 percent to 7 percent. The loan is for a 30-year period. How much can Mary deduct in year for her points paid?
Multiple Choice
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$89
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$267
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$5,333
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$8,000
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Financial Accounting Text Only
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel
5th Edition
0006575404, 978-0006575405
