What was the amount of interest paid by debbie

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Reference no: EM133560531

Question: Debbie McAdams paid 4% interest on a $16,000 loan balance. Jan Burke paid $6,090 interest on a $105,000 loan. Based on 1 year:

a) What was the amount of interest paid by Debbie?

b) What was the interest rate paid by Jan? (Round to nearest tenth)

c) Debbie & Jan are both in the 28% tax bracket. Since the interest is deductible, how much would Debbie and Jan each save in taxes? (Round to nearest cent)

Reference no: EM133560531

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