Question: Help On April 1 , year 1 , Mary borrowed $ 1 4 0 , 0 0 0 to refinance the original mortgage on her

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On April 1, year 1, Mary borrowed $140,000 to refinance the original mortgage on her principal residence. Mary paid 1 points to reduce her interest rate from 8 percent to 7 percent. The loan is for a 30-year period. How much can Mary deduct in year 1 for her points paid?
Multiple Choice
$1,400
$47
$35
$1,050
Help On April 1 , year 1 , Mary borrowed $ 1 4 0

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