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Tax savings. John and Cheryl just borrowed $26,790 on a home equity line of credit The interest rate for the loan is 8 54% for the entire year, and they took out the loan on May 1 John and Cheryl are in the 15% tax bracket what will be their tax savings for the first year ending December 31? (Hint assume that all of the interest paid this year is tax deductible.) Their tax savings for the first year ending December 31 will be S(Round to the nearest cent)