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

Question

2 years ago

11

uctions on his federal income tax return how much can he deduct for mortgage interest?

2 answers:

egoroff_w [7] · Answer 1 · 2022-04-16T03:36:10+03:00

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] · Answer 2 · 2022-04-16T01:38:15+03:00

3 0

2400 • 0.07 = 168
168 • 12 = 2016