Your mortgage payment is $1,400 per month

Your mortgage payment is $1,400 per month. Of this amount, insurance is $50, property taxes are $200, and interest is about $1,000. Assuming you have other itemized deductions that already exceed your standard deduction and that you are in the 28% marginal tax bracket, what is the reduction in your tax liability as a result of owning a home with this mortgage? (Show all work.)

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