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On December 1 Bernie took out a 15-year loan for $340000. He paid 2% in...

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Accounting

On December 1 Bernie took out a 15-year loan for $340000. He paid 2% in points in order to get the loan, or $6800. This is essentially prepaid interest. If the loan is used to purchase his principal residence, what is the maximum he can deduct in the current year?

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