Jose purchased a vehicle for business and personal use. In 2019, he used the vehicle 18,000 miles (80% of total) for business and calculated his vehicle expenses using the standard mileage rate (mileage was incurred ratably throughout the year). He paid $1,400 in interest and $150 in property taxes on the car. Calculate the total business deduction related to the car:

$21670

Explanation:

The standard business mileage rate for 2020 is = 57.5 cents Per business mile driven

So to find out the business tax deduction we multiply $18000 by $0.575= 10350

To calculate total business deductions

We have

10350+ ( $14000*0.8) + ($150*0.8)

10350+ 11200+120

= 21670

$10,870

Explanation:

18,000 × .535 = $9,630

∴ $9,630 + $1,400(0.80) + $150(0.80) =

  $9,630 + $1,120 + $120

∴ = $10,870.

Note that 80% = 0.80.

month 1 start amount =$3287.90 interest=(3287.90x0.0145/12)3.97 total to pay=$3291.81 paid =$1200 balance =$2,091.87

month 2 starting amount= $2,091.87 interest =$25.28 total to pay =$2117.15 paid =$1200 balance $917.15

month 3 starting amount =$917.15 interest =$11.08 total to pay =$928.23 paid =$928.23 balance =$0 total to pay 1200+1200+928.23 = $3328.23 it will take 3 months to pay a total of $3328.23

be mindful of your own reaction,use positive self-talk,   and debrief.