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Rollie's monthly mortgage payment was $2400 last year and over average 7% of each payment was interest. Of Rollie's itemizes deductions on his federal income tax return how much can he deduct for mortgage interest?

User Popester
by
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2 Answers

2 votes
2400 • 0.07 = 168
168 • 12 = 2016
User Robert Levy
by
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5 votes

Answer:

Total yearly deduction as interest is $
2016\\

Explanation:

Interest paid per month in the mortgage amount
= 7\\ %

Monthly payment made
= 2400\\ dollar

Total monthly mortgage deduction


= 2,400 * (7)/(100) \\= 168\\

Total annual mortgage deduction


= 168 *12\\= 2016\\

User Gunwant
by
6.9k points