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Question 26 3.5 pts A borrower bought a house for $250,000; he can obtain an 80% loan with a 30-year fully amortizing, 6% interest rate
Question 26 3.5 pts A borrower bought a house for $250,000; he can obtain an 80% loan with a 30-year fully amortizing, 6% interest rate and monthly payment. Assuming the marginal tax rate for the borrower is 25%. Maintain and insurance are currently $1,200 each per year. Selling cost is 6% of sale; property tax is 2% of the value each year, property value increases 5% per year. What is the first year total tax deduction from owning? $4920.71 $4250.0 $3729.25 $3940.0
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