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Rollie's monthly mortgage payment was $2400 last year and over average 7% of each payment was interest. Of Rollie's itemizes deductions on his federal income tax return how much can he deduct for mortgage interest?

Verified Answer :

ambarcasas

2400 • 0.07 = 168
168 • 12 = 2016

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

\(= 168 *12\\= 2016\\\)

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