Web Analytics
Answered

Janica's monthly mortgage payment was $900 last year, and on average, 13% of each payment was interest. if janica itemizes deductions on her federal income tax return, how much can she deduct for mortgage interest?

A)$1404

B)$1017

C)$75

D)$117

Verified Answer :

isyllus

Answer:

The amount deduct for mortgage interest was $1,404

A is correct.

Step-by-step explanation:

Janica's monthly mortgage payment was $900 last year.

Average interest of each payment was 13%

We need to find deduction for income tax on interest for mortgage.

As we know deduction calculate on year.

Monthly Payment = $900

Yearly Payment = 900 x 12 = $10,800

Average interest = 13%

Interest on payment = 13% of 10800

\(\Rightarrow 0.13\times 10800\)

\(\Rightarrow 1404\)

Hence, The amount deduct for mortgage interest was $1,404

CREEPYTHEKID

Answer:

$1404

Step-by-step explanation:

Related Questions