Your brother's business obtained a 30-year amortized mortgage loan for $300,000 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 Year 1?
A. $18,813.11
B. $24,248.01
C. $20,903.46
D. $20,485.39
E. $19,440.22
Answer: C
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