8. In the next year, Bill again, earned $55,000 gross income. He purchased a house Jan...
8. In the next year, Bill again, earned $55,000 gross income. He purchased a house Jan 1st 2015, for $187,500. He put down 20% down payment and borrowed the rest.
Using the Rule of 8, how much is his monthly payment?
Of this total payment $1,000 is interest and $100 taxes, his standard deduction is again $5,000.
What are his total taxes due, his marginal rate, his average rate, and how much was his monthly take home pay?
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