CRCM Exam Dumps | Mr. Roberts has three loans at First National Bank: Loan A made to purchase a car, secured by the car;

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Question 6/253

Mr. Roberts has three loans at First National Bank: Loan A made to purchase a car, secured by the car; Loan B made to purchase stock, secured by a lake lot; and Loan C made to pay taxes, secured by a rental house he owns. Last year he paid $2,500 in interest on Loan A; $550 in interest on Loan B; and $1,000 in interest on Loan C.
How much interest will First National Bank report to the IRS?

A. $2,500

B. $1,550

C. $1,000

D. $4,050

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Question 6/253

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