For the Fixed-Rate Mortgage Below, Determine the Portion of the Total

question 44

Multiple Choice

For the fixed-rate mortgage below, determine the portion of the total monthly payment which is income-tax deductible. Round your answer to the nearest dollar. $$\begin{array} { l l } \text { Amount of mortgage: } & \$ 142,000 \\\text { Term of mortgage: } & 25 \text { years } \\\text { Interest rate: } & 7.0 \% \\\text { Annual property tax: } & \$ 1025 \\\text { Annual insurance: } & \$ 620 \\\text { Owner's income tax bracket: } & 30 \%\end{array}$$

• A)$914
• B)$965
• C)$1079
• D)$880

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Definitions:

Body Cavities

Hollow spaces within the human body that house organs, including the thoracic, abdominal, and pelvic cavities.

Abdominal Cavity

A large body cavity in humans that houses many vital organs under its muscular wall.

Body Cavities

Hollow spaces within the body that house organs, including the thoracic, abdominal, and pelvic cavities, providing protection and allowing organ movement.

Directional Terms

Terms used to describe the locations of structures or the direction of movements in relation to the body.