On August 1 of the current year, Terry refinances her home and borrows $240,000. Terry is required to pay two points on the loan. The loan is secured by the residence and the charging of points is an established business practice in the area. The term of the loan is 20 years, beginning on August 1 of the current year. How much, if any, of the points may Terry deduct in the current year?
A. $4,800
B. $240
C. $0
D. $100
Answer: D
Business
You might also like to view...
Most companies will compete with ________ rather than ________
A) distant competitors; close competitors B) close competitors; distant competitors C) benchmarkers; distant competitors D) market challengers; market followers E) market challengers; market nichers
Business
Like e-mail messages, memos can be used to communicate within an organization and with external customers, companies, and organizations
Indicate whether the statement is true or false
Business
How can groups satisfy esteem needs?
What will be an ideal response?
Business
Stock Index futures can substitute for indexed mutual funds in conservative portfolios
Indicate whether the statement is true or false.
Business