224k views
0 votes
Luna's monthly mortgage payment was $2100 last year, and on average, 9% of each payment was interest. If Luna itemizes deductions on her federal income tax return, how much can she deduct for mortgage interest?

2 Answers

2 votes

Answer:

$2268

Explanation:

did it on apXX

User Brian Weiner
by
5.7k points
7 votes

Answer:

$2268

Explanation:

Luna's total mortgage payments for the year would be

... (monthly payment)×(number of months in a year)

... = $2100×12 = $25,200

Of that, 9% went to interest, so the interest amount is ...

... $25,200×9% = $2268

_____

About percentages

Your calculator may do percentages directly. If not, it can be helpful to realize that the percent symbol (%) means the same thing as /100 (divided by 100). So, 9% = 9/100 = 0.09

User ZhongYu
by
5.7k points