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Mitch is in the 28% tax bracket. He may receive a different tax benefit for a $2,000 expenditure that is classified as a deduction from AGI than he will receive for a $1,000 expenditure that is classified as a deduction for AGI.
Nominal Rate
The nominal rate refers to the interest rate stated on a loan or investment agreement before adjusting for inflation or other factors.
Annually Compounded
The process of calculating interest on both the initial principal and the accumulated interest from previous periods, once per year.
Nominal Interest Rate
The interest rate before adjustments for inflation or other factors that affect the real value of money.
Annual Rate
The interest rate for a whole year, as opposed to a shorter period, such as monthly or quarterly.
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