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On April 1, year 1, Mary borrowed $170,000 to refinance the original mortgage on her...

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Accounting

On April 1, year 1, Mary borrowed $170,000 to refinance the original mortgage on her principal residence. Mary paid 1 points to reduce her interest rate from 5 percent to 4 percent. The loan is for a 30-year period. How much can Mary deduct in year 1 for her points paid?

Multiple Choice

  • $56.50.

  • $42.50.

  • $1,275.00.

  • $1,700.00.

Answer & Explanation Solved by verified expert
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