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4vir4ik [10]
3 years ago
11

Rollie's monthly mortgage payment was $2400 last year and over average 7% of each payment was interest. Of Rollie's itemizes ded

uctions on his federal income tax return how much can he deduct for mortgage interest?
Mathematics
2 answers:
egoroff_w [7]3 years ago
6 0

Answer:

Total yearly deduction as interest is $ 2016\\

Step-by-step explanation:

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

Monthly payment made = 2400\\ dollar

Total monthly mortgage deduction

= 2,400 * \frac{7}{100} \\= 168\\

Total annual mortgage deduction

= 168 *12\\= 2016\\

stiv31 [10]3 years ago
3 0
2400 • 0.07 = 168
168 • 12 = 2016
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