Wayne and Maria Purchase a Home on April 1 of the Current

question 99

Multiple Choice

Wayne and Maria purchase a home on April 1 of the current year.In order to obtain a thirty-year mortgage,they are required to pay $7,200 in points at closing.Charging points is a customary business practice in the area.In addition,they pay $4,400 of interest during the year.What is their current year deduction related to their home?

• A)$4,400
• B)$4,580
• C)$7,200
• D)$11,600

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Definitions:

Retinal Image

The image projected onto the retina, which is the light-sensitive layer at the back of the eye.

Increasingly Larger

Describes a process or condition that grows or expands in size, volume, or quantity over time.

Distance

A measurement of the space between two points, often discussed in the context of physical space but also applicable in abstract senses.

Retinal Image

The image projected onto the retina, the light-sensitive tissue at the back of the eye, which allows one to see.