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Jackie is in the 28% marginal tax bracket

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Question;1 Jackie is in the 28% marginal tax bracket and has no other itemized deductions except those related to her home. If her standard deduction is $4,750 and she incurs the following costs related to housing, how much tax savings will she receive as a result of her home purchase?Mortgage interest $14,000Principal repayment $800Homeowner's insurance $1,000Real estate taxes $4,000Homeowner's association fees $1,200(Points: 4)$13,250$5,040$3,710$2,800None2.Jacque and Sam want to purchase a new home but don't know how much mortgage they can qualify for. The lender requires total installment loan payments that do not exceed 32% of gross monthly income. Based on Jacque and Sam's financial data below, what is the maximum monthly mortgage payment for which they can qualify?Monthly gross income $5,000Car payment $400Student loan payment $300Current rent payment $1,000(Points: 4)$1,700$1,600$900$600$500

 

Paper#39416 | Written in 18-Jul-2015

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