Note: you never need to put a negative (-) sign in front of any answer! When we ask for a dollar ($) amount, we just want the amount, we don't need to know it's inflow or outflow (+/-), as we'll assume this was apparent from the question. A few years out of UCCS you're earning $125,000 and decide to buy a condominium. The one you like will cost $300,000. The bank will require a 15% down payment and will lend you the difference in a 30yr traditional mortgage at an interest rate of 4.800%(M). 5 What is your taxable income for the first year you own the condominium (i.e. what is your salary minus the total interest paid in year 1)? 6 If your effective tax rate is 25%, how much would you have paid in taxes if you didn't have the mortgage loan and your taxable income was $125,000? 7 If your effective tax rate is 25%, how much will you pay in taxes on your taxable income from Q5? 8 How much did you save in taxes the first year by owning the condominium