Answer:
The amount that is deductible as interest expense for Renee in 2021 is:
= $4,000.
Explanation:
a) Data:
Home mortgage - $110,000
Interest on home mortgage = $4,000
Home equity loan for a cruise around the world = $130,000
Interest on the home equity loan = $8,000
Deductible interest expense for Renee in 2021 is $4,000
b) Usually, the interest expenses that a taxpayer pays on her home equity loan to enjoy a cruise around the world, on personal credit card, on automobile loan, and on other types of personal consumer finance interests are not tax-deductible.
The main idea of this article is to expose the space that workers found when returning to their workplaces after isolation from the pandemic.
The article talks about the workplaces that had particular aspects after having been alone for 18 months of isolation due to the pandemic. For example:
- There was spoiled food that was left there 18 months ago.
- Calendars for the first months of the year 2020.
This situation originated because the workers carried out their daily work routine and did not contemplate being forced to isolate themselves for prevention to acquire the virus of the pandemic of the year 2020.
This question is incomplete because the question is missing. The question is:
What is the main idea of the article?
Learn more in: brainly.com/question/2655465
Answer:
Owning property
Explanation:
Its the only one that affects solely 1 person rather than benefit the community as a whole
Given:
Principal, P = 26500
term=5 years
Monthly payment, A = 695
Question: Find interest rate
Solution:
Unless there is a table available, there is no explicit formula to calculate interest. However, the interest rate can be solved for using the formula to calculate the monthly payment, as follows.
![A=\frac{P(i*(1+i)^{n})}{(1+i)^{n}-1}](https://tex.z-dn.net/?f=A%3D%5Cfrac%7BP%28i%2A%281%2Bi%29%5E%7Bn%7D%29%7D%7B%281%2Bi%29%5E%7Bn%7D-1%7D)
Substituting
P=26500
i=monthly interest rate to be found
A=monthly payment=695
n=5*12=60 months
![A=\frac{26500(i*(1+i)^{60})}{(1+i)^{60}-1}](https://tex.z-dn.net/?f=A%3D%5Cfrac%7B26500%28i%2A%281%2Bi%29%5E%7B60%7D%29%7D%7B%281%2Bi%29%5E%7B60%7D-1%7D)
Rearrange to give successive estimates of i by
I(i)=(695/26500)*((1+i)^60-1)/(1+i)^60
Try initial estimate of i=0.02 (2% per month)
I(0.02)=0.0182
I(0.0182)=0.01736
I(0.01736)=0.01689
....
Eventually we get the value to stabilize at i=0.016265, or
Monthly interest =
1.6265% (to four decimal places)
High taxes in theory would slow the economy because they redirect money from the private sector to the government and reduce consumption.
<h3>How do high taxes slow the economy?</h3>
The economy grows when the private sector produces more and grows. High taxes will take money from this sector which would leave less cash for growth investment.
High taxes also reduce the amount that people have for consumption which would reduce Aggregate demand.
Find out more on Aggregate Demand at brainly.com/question/1490249.
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