What will his tax savings be

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Reference no: EM131306033

1. Tax Savings. John and Cheryl just borrowed $30,000 on a home equity line of credit. The interest rate for the loan is 6.75% for the entire year, and they took out the loan on May 1. John and Cheryl are in the 28% tax bracket. What will be their tax savings for the first year ending December 31st?

2. Tax Savings. Noel has a 15% marginal tax rate. If he pays $1,400 in interest on a home equity loan in the first year, what will his tax savings be?

Reference no: EM131306033

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