Jan sold her house on December 31 and took a $30,000 mortgage aspart of the payment. The 10-year mortgage has an 11% nominalinterest rate, but it calls for semiannual payments beginning nextJune 30. Next year Jan must report on Schedule B of her IRS Form1040 the amount of interest that was included in the two paymentsshe received during the year.
What is the dollar amount of each payment Jan receives? Roundyour answer to the nearest cent.
How much interest was included in the first payment? Round youranswer to the nearest cent.Ă‚Â Ă‚Â
How much repayment of principal was included? Do not roundintermediate calculations. Round your answer to the nearestcent.
How much interest must Jan report on Schedule B for the firstyear? Do not round intermediate calculations. Round your answer tothe nearest cent.
