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Debbie McAdams paid 9% interest on a $16,500 loan balance. Jan Burke paid $6,450 interest on a $107,500 loan. Based on 1 year: What was
Debbie McAdams paid 9% interest on a $16,500 loan balance. Jan Burke paid $6,450 interest on a $107,500 loan. Based on 1 year: What was the amount of interest paid by Debbie?
a
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b What was the interest rate paid by Jan?
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?
Note: Round your answers to the nearest cent.
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