Debbie mcadams paid 7% interest on a $10,000 loan balance. jan burke paid $8,525 interest on a $77,500 loan. based on 1 year.
a. what was the amount of interest paid by debbie?
interest paid by debbie
$
700
b. what was the interest rate paid by jan? (round your answer to the nearest tenth percent.)
interest rate paid by jan
11 %
c. debbie and jan are both in the 28% tax bracket. since the interest is tax deductible, how much will debbie and jan each save in taxes? (round your answers to the nearest cent.)
debbie
2604.00
$
save in taxes
jan
2387.00
$
not sure if i'm doing this right