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Question - Jun sold her house on December 31 and took a $10,000 mortgage as part of the payment. The 10-year mortgage has 10% nominal interest rate, but it calls for semiannual payments beginning next June 30. Next year Jun must report on Schedule B of her IRS Form 1040 the amount of interest that was included in the two payments she received during the year.
A. What is the dollar amount of each payment Jun receives?
B. How much interest was included in the first payment? How much repayment of principal was included? How do these values change for the second payment?
C. How much interest must Jun report on Schedule B for The first year? Will her interest income be the same next year?
D. If the payments are constant, why does the amount of interest income change over time?
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