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Question
On January 1, 2016, your sister's pet supplies business obtained a 30-year amortized mortgage loan for $250,000 at a nominal annual rate of 7.0%, with 360 end-of-month payments. The firm can deduct the interest paid for tax purposes. What will the interest tax deduction be for 2016?a. $17,419.55
b. $17,593.75
c. $17,769.68
d. $17,947.38
e. $18,126.85
Answer
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a. True
b. False