Homework Answers
Tax saving = Amount of Int. paid * Marginal Tax Rate
= $1322.43333 * 15%
= $198.36
=$198.4(if we round it off)
Explanation:
Amount of Interest Paid:
= $40900 × 4.85% ×8/12
= $1322.43333
(May to Dec. = 8 months)
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