Debbie McAdams paid 8% interest on a $12,500 loan balance. Jan Burke paid $5,000 interest on...

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Debbie McAdams paid 8% interest on a $12,500 loan balance. Jan Burke paid $5,000 interest on a $62,500 loan. Based on 1 year: a. What was the amount of interest paid by Debbie? Interest paid by Debbie b. What was the interest rate paid by Jan? Interest rate paid by Jan c. Debbie and Jan are both in the 28% tax bracket. Since the interest is deductible, how much would Debbie and Jan each save in taxes? Save in taxes % Debbie Jan Debbie McAdams paid 8% interest on a $12,500 loan balance. Jan Burke paid $5,000 interest on a $62,500 loan. Based on 1 year: a. What was the amount of interest paid by Debbie? Interest paid by Debbie b. What was the interest rate paid by Jan? Interest rate paid by Jan c. Debbie and Jan are both in the 28% tax bracket. Since the interest is deductible, how much would Debbie and Jan each save in taxes? Save in taxes % Debbie Jan

Answer rating: 100% (QA)

Interest paid by Debbi 125008 1000 I... View the full answer