Business, 13.04.2021 02:50, elizaa94

The Wilmoths plan to purchase a house but want to determine the after-tax cost of financing its purchase. Given their projected taxable income, the Wilmoths are in the 24% Federal income tax bracket and the 8% state income tax bracket (i. e., an aggregate marginal tax bracket of 32%). Assume that the Wilmoths will benefit from itemizing their deductions for both Federal and state purposes. The total cash outlay during the first year of ownership will be $33,200 ($3,320 principal payments, $29,880 qualified residence interest payments). As a result, the annual after-tax cost of financing the purchase of the home will be $?

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The Wilmoths plan to purchase a house but want to determine the after-tax cost of financing its purc...