question archive Rami paid 7% interest on a $12,500 loan balance
Rami paid 7% interest on a $12,500 loan balance
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Rami paid 7% interest on a $12,500 loan balance. Alia Burke paid $5,000 interest on a $63,500 loan. Based on 1 year:
a. What was the amount of interest paid by Rami?
b. What was the interest rate paid by Alia?
c. Rami and Alia are both in the 28% tax bracket. Since the interest is deductible, how much would Rami and Alia each save in taxes?
