Solution-Determine the interest paid on certified

Determine the interest paid on certified indebtedness amount

Reference no: EM132639701

Question - Tony purchased a house in 2019 and received a mortgage credit certificate (MCC) issued by the local government. The original amount of the mortgage is $150,000, the certified indebtedness amount on the MCC is $100,000, and the mortgage interest paid during the year is $6,500. Determine the interest paid on the certified indebtedness amount.

a. $6,500

b. $2,167

c. $4,333

d. $9,750

Reference no: EM132639701

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Determine the interest paid on certified indebtedness amount

Reference no: EM132639701

Reference no: EM132639701

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