Janica's monthly mortgage payment was $900 last year, and on average, 13% of each payment was interest.

3 answers
Question:

Janica's monthly mortgage payment was $900 last year, and on average, 13% of each payment was interest. if janica itemizes deductions on her federal income tax return, how much can she deduct for mortgage interest?
a)$1404
b)$1017
c)$75
d)$117

Answers

The amount deduct for mortgage interest was $1,404

A is correct.

Step-by-step explanation:

Janica's monthly mortgage payment was $900 last year.

Average interest of each payment was 13%

We need to find deduction for income tax on interest for mortgage.

As we know deduction calculate on year.

Monthly Payment = $900

Yearly Payment = 900 x 12 = $10,800

Average interest = 13%

Interest on payment = 13% of 10800

[tex]\Rightarrow 0.13\times 10800[/tex]

[tex]\Rightarrow 1404[/tex]

Hence, The amount deduct for mortgage interest was $1,404

$900 - 13% = $117 x 12 months = $1404

D. $1404

$1404

Step-by-step explanation:

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