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TB MC Qu. 14-66 On March 31, year 1, Mary borrowed... On March...

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Accounting

TB MC Qu. 14-66 On March 31, year 1, Mary borrowed...

On March 31, year 1, Mary borrowed $290,000 to buy her principal residence. Mary paid 1 points to reduce her interest rate from 6 percent to 5 percent. The loan is for a 30-year period. What is Mary's year 1 deduction for her points paid?

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