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On September 1, year 1, Jackson borrowed $400,000 to refinance the original mortgage on her...

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Question

Accounting

On September 1, year 1, Jackson borrowed $400,000 to refinance the original mortgage on her principal residence. Jackson paid 2 points to reduce her interest rate from 7.5 percent to 7 percent. The loan is for a 30-year period. How much can Mary deduct in year for her points paid?

Multiple Choice

  • $89

  • $267

  • $5,333

  • $8,000

Answer & Explanation Solved by verified expert
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