your mortgage payment is $1,500 per month. Of this amount, insurance is %50, property taxes are $200, and interest averages about $1,100. Assuming you have other itemized deductions that already exceed your standard deduction and that you are in the 31% marginal tax bracket, what is the reduction in your annual income tax liability ad a result of owning a home with this mortgage?
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A home is purchased for $175,000 with a 15% down payment. Use the monthly payment formula to find the monthly payment if the mortgage is 6.8% for 30 years.
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