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In this question, one thing made me confused, when consider the financing side effects, the issue costs have to be gross up, but when doing the calculation of Annual tax relief, why the total loan is 14488, not the gross up loan amount 14488/0.96=15092?
why not the (15092*80%*0.055*25%)+(15092*20%*0.075*25%) =222.6?
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