Javier and Anita Sanchez purchased a home on January 1 , 2 0 2 3 ,

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Javier and Anita Sanchez purchased a home on January $1, 2023,$ for $ $792, 000$ by paying $ $264, 000$ down and borrowing the remaining $ $528, 000$ with a $7$ percent loan secured by the home. The loan requires interest $-$ only payments for the first five years. The Sanchezes would itemize deductions even if they did not have any deductible interest. The Sanchezes' marginal tax rate is $32$ percent.

b $.$ Assume the original facts, except that the Sanchezes rent a home and pay $ $36, 960$ in rent during the year. What is the after $-$ tax cost of their rental payments in $2023 ?$

Posted Date: May 07, 2024 03:51 AM

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Javier and Anita Sanchez purchased a home on January 1 , 2 0 2 3 ,

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