John and cheryl just borrowed 26830 on a home equity line, Ask an Expert

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John and Cheryl just borrowed $26,830, on a home equity line of credit. The interest rate for the loan is 5.86% 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? 31? (Hint?: assume that all of the interest paid this year is tax? deductible.)

Their tax savings for the first year ending December 31 will be:

?(Round to the nearest? cent.)

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Financial Management, Finance

Category:- Financial Management
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