A taxpayer has a mortgage with a total value of $1,500,000 and a home equity loan of $250,000 that were finalized in TY2018. The total interest paid during the year was $54,000 for the mortgage and $9,000 for the home equity loan. What amount of these interest totals can be deducted? 1. Half the mortgage ($750k indebtedness limit) and 40% of the equity loan ($100k indebtedness limit) for a total of $36,000 2. The full value of $63,000 3. Half the mortgage ($750k indebtedness limt) and none of the home equity loan for a total of $27,000 4. Two-thirds of the mortgage value (S1m indebtedness limit) and 40% of the home equity loan ($100k indebtedness limit) for a total of $39,600
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- Anushka and Benicio borrowed $47,000 at 7% compounded semi-annually as a second mortgage loan against their current home. Repayment amount is $9,400 at the end of every year. a. How many payments are required to repay the loan? Number of payments b. Use the given information to complete the amortization table below. Determine the missing values for the first two payment intervals, the last two payment intervals, and the totals. Report results to the nearest cent. Payment Number 0 1 2 ⠀ : N-1 N Total Amount Paid ($) 9,400.00 9,400.00 ⠀ ⠀ 9,400.00 Interest Paid ($) Principal Repaid ($) Outstanding Balance ($) 47,000.00 0.00Jillian and Collin borrowed $62,000 at 7.61% compounded monthly as a second mortgage loan against their current home. Repayment amount is $6,900 at the end of every six months. a. How many payments are required to repay the loan? Number of payments b. Use the given information to complete the amortization table below. Determine the missing values for the first two payment intervals, the last two payment intervals, and the totals. Report results to the nearest cent. Payment Amount Number Paid ($) 0 1 2 : : N - 1 N Total 6,900.00 6,900.00 : : = 6,900.00 Interest Paid ($) : : : Principal Repaid ($) : : Outstanding Balance ($) 62,000.00 : : 0.00A man borrows P5,430 from a loan association. In repaying this debt, he has to pay P425 at the end of every 3 months on the principal and a simple interest of 14.75% on the principal outstanding at that time. Determine the total amount he must pay after paying all his debt.
- Howard paid $22,000 in mortgage payments in 2023. $15,000 was for interest and $7,000 was for principal. The mortgage was originally $450,000. How much can he deduct in 2023 as an itemized deduction for interest? (a) $15,000 (b) $22,000 © $7,000 (d) 0Anna has a mortgage of $427,000 through her bank for property purchased. The loan is repaid by end of month payments of $2,598.80 with an interest rate of 4.05% compounded monthly over 20 years. What is the interest included in the 47th payment of the mortgage? Enter a POSITIVE VALUE rounded to two decimal places. $Jada and Izaak borrowed $40,000 at 5.53% compounded quarterly as a second mortgage loan against their current home. Repayment amount is $750 at the end of every month. a. How many payments are required to repay the loan? Number of payments 61 b. Use the given information to complete the amortization table below. Determine the missing values for the first two payment intervals, the last two payment intervals, and the totals. Report results to the nearest cent. Payment Amount Number Paid ($) 0 1 2 N - 1 N Total 750.00 750.00 : : 750.00 2,175.72 X 47,175.72 X Interest Paid ($) 183.49 192.61 10.58 6.96 : : : X 6,432.68 X X X Principal Repaid ($) 566.51 557.39 : 739.42 1,425.72 X 40,000 X X X Outstanding Balance ($) 40,000.00 39,433.49 38,876.10 : X 1,425.72 X 0.00
- A couple borrows $300,000 at an APR of 4.8% compounded monthly on a 30-year mortgage with monthly payments of $1,574. (a) How much of the first payment goes to interest? (b) Find the total interest paid over the life of the loan. (c) After making their 70th payment, they refinance the loan at an APR of 3.6% compounded monthly for 15 years. The refinanced amount includes the unpaid balance from the original loan plus a refinance charge of $2,000. Find the new monthly payment. (d) Find the amount saved by refinancing.Melynda and Andrés borrowed $60,000 at 7.25% compounded annually as a second mortgage loan against their current home. Repayment amount is $5,900 at the end of every six months. a. How many payments are required to repay the loan? Number of payments b. Use the given information to complete the amortization table below. Determine the missing values for the first two payment intervals, the last two payment intervals, and the totals. Report results to the nearest cent.Guadalupe has a mortgage of $581,000 through her bank for property purchased. The loan is repaid by end of month payments of $3,577.53 with an interest rate of 4.53% compounded monthly over 21 years. What is the interest paid in the 2nd year of the mortgage?Interest paid in 2nd year = TVM FORMULA
- Jada and Izaak borrowed $40,000 at 5.53% compounded quarterly as a second mortgage loan against their current home. Repayment amount is $750 at the end of every month. a. How many payments are required to repay the loan? Number of payments b. Use the given information to complete the amortization table below. Determine the missing values for the first two payment intervals, the last two payment intervals, and the totals. Report results to the nearest cent. Payment Amount Number Paid ($) 0 1 2 : N - 1 N Total 750.00 750.00 : 750.00 Interest Paid ($) : : Principal Repaid ($) : : Outstanding Balance ($) 40,000.00 ⠀ : 0.00Your brother's business obtained a 30-year amortized mortgage loan for $300,000 at a nominal annual rate of 7.0%, with 360 end-of-month payments. The firm can deduct the interest paid for tax purposes. What will the interest tax deduction be for Year 1? Oa. $20,903.46 O b. $19,169.71 O c. $3,047.43 O d. $21,000.00 O e. $23,950.89Robert has a mortgage of $326,000 through his bank for property purchased. The loan is repaid by end of month payments of $2,099.57 with an interest rate of 4.71% compounded monthly over 20 years. What is the interest paid in the 11th year of the mortgage?Interest paid in 11th year