On April 1, year 1, Mary borrowed $130,000 to refinance the original mortgage on her principal residence. Mary paid 1 points to reduce her interest rate from 7 percent to 6 percent. The loan is for a...
On April 1, year 1, Mary borrowed $130,000 to refinance the original mortgage on her principal residence. Mary paid 1 points to reduce her interest rate from 7 percent to 6 percent. The loan is for a 30-year period. How much can Mary deduct in year 1 for her points paid?
Homework Answers
answer:
Mary's deduction in year 1 for her points paid = 130000 * 1% * 9/360
= 1300 * 9/360
= 32.5
thank you
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