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Tax Savings. Finn and Inga just borrowed $100,000 on an interest only home equity line of credit. The interest rate for the loan is 6%

Tax Savings. Finn and Inga just borrowed $100,000 on an interest only home equity line of credit. The interest rate for the loan is 6% annually, and they took out the loan on July 1st and paid interest each month for 6 months during the year. Finn and Inga are in the 22% tax bracket. What will be their tax savings for the first year ending December 31st?

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