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Finance the balance from a bank

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One of your best friends, who is in 20% marginal tax bracket, is planning to buy a Condo selling for $ 140,000. Your friend's plan is to make a down pmt of 20% and finance the balance from a Bank in Worcester MA at a fixed rate of 4.99% over 30 years with monthly payments. He needs your help in figuring out his first year tax savings if he decides to buy this home.

Reference no: EM131725654

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