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What is the total amount of the interest that was paid

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Question - Penny bought her house on December 31 and that she took a mortgage in the amount of $50,000 as part of the payment. The mortgage has a stated (or nominal) interest rate of 8 percent, but it calls for payments every 6 months, beginning on June 30, and the mortgage is to be amortized over 20 years. Now, one year later, Penny must file Schedule B of her tax return with the IRS informing them of the interest that was included in the two payments made during the year. (This interest will be income to Penny and a deduction to the buyer of the house.) What is the total amount of the interest that was paid during the first year?

a. $1,978.95

b. $526.17

c. $3,978.95

d. $2,000

e. $547.22

Reference no: EM132827884

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