John and Cheryl just borrowed $40,000 on a home equity line of credit. The interest rate for the loan is...
John and Cheryl just borrowed $40,000 on a home equity line of credit. The interest rate for the loan is 5.75 percent for the entire year, and they took out the loan on May 1st. John and Cheryl are in the 28 percent tax bracket. What will be their tax savings for the first year ending December 31st?
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