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 24%, assuming your itemized deductions will exceed the standard deduction?
A) $50
B) About $575
C) Over $2,500
D) Approximately $7,200
Correct Answer:
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