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Sam is a freshman in the UC-Davis degree program in veterinary medicine.In 2016,Sam paid $3,000 in tuition,$500 for books,and $250 for supplies for class.Sam also paid room and board of
$3,500.What is the total qualifying education expense for the student loan interest deduction for Sam in 2016?
Nominal Rate
The nominal rate is the interest rate stated on a loan or financial product, not accounting for inflation or other factors that affect purchasing power.
Repayment Of Principal
The process of paying back the original amount borrowed in a loan, separate from interest payments.
Equal Installments
A method of loan repayment where the borrower pays the lender a constant amount of money periodically, covering both principle and interest.
Repay
The action of paying back borrowed money to the lender.
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