Debbie McAdams paid 5% interest on a $6,000 loan balance. Jan Burke paid $5,940 interest on a $55,000 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? (Round your answer to the nearest tenth percent.)

Interest rate paid by Jan %

c. Debbie and Jan are both in the 28% tax bracket. Since the interest is tax deductible, how much will Debbie and Jan each save in taxes? (Round your answers to the nearest cent.)

	Debbie	Jan
Save in taxes	$	$