Jan sold her house on december 31 and took a 50000 mortgage, Ask an Expert

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Jan sold her house on December 31 and took a $50,000 mortgage as part of the payment. The 10-year mortgage has a 11% nominal interest rate, but it calls for semiannual payments beginning next June 30. Next year, Jan must report on Schedule B of her IRS Form 1040 the amount of interest that was included in the 2 payments she received during the year.

What is the dollar amount of each payment Jan receives?

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