Problem 17.5 Calculating Profit or Loss on a Rental Property [LO17-1] Felice bought a duplex apartment at a cost of $230,000. Her mortgage payments on the property are $1,070 per month, $689 of which can be deducted from her income taxes. Her real estate taxes total $2,112 per year, and insurance costs $900 per year. She estimates that she will spend $1,530 each year per apartment for maintenance, replacing appliances, and other costs. The tenants will pay for all utilities. What monthly rent must she charge for each apartment to break even? Note: Do not round intermediate calculations. Round your answer to 2 decimal places. Ignore any tax effects. Problem 17-7 Calculating Net Profit after Taxes [LO17-1] Assume your home is assessed at $200,000. You have a $165,000 loan for 15 years at 8 percent. Your property tax rate is 1.3 percent of the assessed value. In year one, you would pay $13,200 in mortgage interest and $2,600 in property tax (1,3 percent on $200,000 assessed value). What is the total deduction you can take on your federal income tax return