Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 24 Aug 2017 My Price 6.00

personal residence

Roy decides to buy a personal residence and goes to the bank for a

$150,000 loan. The bank tells him that he can borrow the funds at 4% if his father will guarantee the debt. Roy’s father, Hal, owns a $150,000 CD currently yield- ing 3.5%. The Federal rate is 3%. Hal agrees to either of the following:

•     Roy borrows from the bank with Hal’s guarantee to the bank.

•     Cash in the CD (with no penalty) and lend Roy the funds at 2% interest.

Hal is in the 33% marginal tax bracket. Roy, whose only source of income is his sal- ary, is in the 15% marginal tax bracket. The interest Roy pays on the mortgage will be deductible by him. Which option will maximize the family’s after-tax wealth?

Answers

Maurice Tutor
(5)
Status NEW Posted 24 Aug 2017 04:08 PM My Price 6.00

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