John and Cheryl just borrowed $26,830, on a home equity line of credit. The interest rate for the loan is 5.86% for the entire? year, and they took out the loan on May 1. John and Cheryl are in the 28?% tax bracket. What will be their tax savings for the first year ending December? 31? (Hint?: assume that all of the interest paid this year is tax? deductible.)
Their tax savings for the first year ending December 31 will be:
?(Round to the nearest? cent.)