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oksano4ka [1.4K]
3 years ago
15

The amount borrowed when taking out a loan

Business
1 answer:
ankoles [38]3 years ago
6 0

Answer:

What is the cost of borrowing?

The maximum amount participants may borrow from their plan is 50% of the vested account balance or $50,000, whichever is less. If the vested account balance is less than $10,000, you can still borrow up to $10,000.

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Mr. Thano, age 47, withdrew $22,000 from his employer-sponsored qualified retirement plan to pay for his daughter's wedding. Com
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Based on the information given  the tax cost is: c. $10,340.

<h3 /><h3>Tax cost</h3>

Using this formula

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Inconclusion the tax cost  is: c. $10,340.

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Learn more about tax cost here:brainly.com/question/9437038

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