Tax Savings. Noel has a 10%marginal tax rate. If he pays

$4,410 n interest on a home equity loan in the first year, what will his tax savings be?

(Hint:

Assume that all of the interest paid this year is tax deductible.)Part 2If he pays $4,410

in interest on a home equity loan in the first year, his tax savings will be

(Round to the nearest cent.)