Question

Bode's monthly mortgage payment was $1200 last year, and on average, 11% of each payment was interest. If Bode itemizes deductions on his federal income tax return, how much can he deduct for mortgage interest?

A.$1584 B.$100 C.$1332 D.$132

Answer 1

apex verified answer is $1584

Explanation:

Answer 2

Bode paid on average $1200 × 11% = $132 each month in interest. If Bode made 12 mortgage payments last year, he paid

... 12 × $132 = $1584

in mortgage interest.