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You are considering a home equity loan- Your marginal tax bracket is 25%- You want to borrow $30,000 and are quoted an APR of 10%- How much money would you save in taxes each year if you use the tax-deductible home equity loan?

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What Is Consumer Debt?

Consumer debt consists of personal debts that are owed as a result of purchasing goods that are used for individual or household consumption. Credit card debt, student loans, auto loans, mortgages, and payday loans are all examples of consumer debt.
 


You are considering a home equity loan- Your marginal tax bracket is 25%- You want to borrow $30,000 and are quoted an APR of 10%- How much money would you save in taxes each year if you use the tax-deductible home equity loan?






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