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Exam CRCM topic 1 question 307 discussion

Actual exam question from ABA's CRCM
Question #: 307
Topic #: 1
[All CRCM Questions]

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. $4,050
  • B. $1,000
  • C. $1,550
  • D. $2,500
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Suggested Answer: B 🗳️
by Cam22 at March 18, 2024, 1:43 a.m.

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Cam22
1 month, 2 weeks ago
Selected Answer: C
Loan A: $2,500 in interest (not reportable as mortgage interest) Loan B: $550 in interest (reportable) Loan C: $1,000 in interest (reportable) The total amount of interest that First National Bank will report to the IRS is the sum of the interest from Loans B and C:
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