Question: 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

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 May1. John and Cheryl are in the 28% tax bracket. What will be their tax savings for the first year ending December 31st?

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