Interest expense is deductible before taxes and therefore has an after-tax cost equal to the interest paid times (1 
tax rate).
Definitions:
Personal Agency
The ability of people to operate autonomously and make choices freely.
Proxy Agency
The theory or capacity of individuals or groups to act on behalf of others or represent others in certain capacities or decision-making processes.
Collective Agency
The capacity of a group of individuals to act together towards a common goal, often seen in social movements or collaborative projects.
Seligman
A psychologist known for his work on learned helplessness, positive psychology, and theories regarding happiness and well-being.
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