Weegy: $600,000 User: calculating yields Weegy: Sir/Madam, The rate used in the table for calculating compound interest is found by "Annual rate divided by number of times compounded per year". (More)

Weegy: Schedule A itemized deductions of the 1040 tax form for a start for this purpose and time in your life.
The limitation for mortgage interest on your primary and secondary residence is $1,000,000 for acquisition indebtedness and $100,000 for home [ equity indebtedness.
Real estate taxes paid on your primary and second residence are, generally, deductible.
Deductible real estate taxes include any state, local, or foreign taxes based on ... (More)

Assume your home is assessed at $200,000. You have a $150,000 loan for 30 years at 6 percent. Your property tax is 1.5 percent of the assessed value. In year one, you would pay $9,000 in mortgage interest and $3,000 in property tax (1.5 percent on $200,000 assessed value). 7. The total deduction you can take on your federal income tax return is $9,000 (mtg. interest) + $3,000 (prop. taxes) = $12,000 total. 8. Assuming you are in a 28 percent tax bracket, the amount that would you have lowered your federal income is $12,000 x 0.28 = $3,360

7. The total deduction you can take on your federal income tax return is $9,000 (mtg. interest) + $3,000 (prop. taxes) = $12,000 total.

8. Assuming you are in a 28 percent tax bracket, the amount that would you have lowered your federal income is $12,000 x 0.28 = $3,360