If the rent on an apartment is $600 per month, which is equal to a mortgage payment on a house, how much additional tax savings will you realize if $200 of the monthly mortgage payment is interest and your tax bracket is 25%?
A) $50
B) $600
C) $2,500
D) $7,200
Answer: B
Explanation: B) $200 monthly interest × 12 months × 0.25 tax rate = $600
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