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Your brother's business obtained a 30-year amortized mortgage loan for $125,000 at a nominal annual rate...

Your brother's business obtained a 30-year amortized mortgage loan for $125,000 at a nominal annual rate of 7.0%, with 360 end-of-month payments. The firm can deduct the interest paid for tax purposes. What will the interest tax deduction be for Year 1?

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