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Question 13. 13. (TCO 3) Lonette and Al received a statement
reporting that they paid $6,000 in mortgage interest during the past
year. If they are in a 28% tax bracket, this deduction may reduce their
taxable income by (Points : 1)
$6,000.
$1,680.
$4,320.
$0.
$3,000.
Question 14. 14. (TCO 3) Latrice Patterson has presented a
counteroffer, and this means she is (Points : 1)
negotiating a purchase price.
reducing her mortgage payments.
lowering real estate property taxes.
avoiding the payment of points at closing.
avoiding the payment of the real estate agent's commission.
Question 15. 15. (TCO 3) Todd Foley is applying for a $100,000
mortgage. He can get a $600 monthly payment for principal and
interest and no points, or a $550 monthly payment with one point.
How many months will it take Todd to cover the cost of the discount
points if he takes the lower monthly payment? (Points : 1)
6
12