What will be their tax savings for the first year ending

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Last year Jamel and Cheryl borrowed $40,000 on a home equity line of credit against their home on May 1st. The interest rate on the loan is 5.75 %. John and Cheryl are in the 28 percent tax bracket. What will be their tax savings for the first year ending December 31st?

Reference no: EM131055580

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