The Wilmoths plan to purchase a house but want to determine the after-tax cost of financing its purchase. Given their projected taxable income, the Wilmoths are in the \24 Federal income tax bracket and the \8 state income tax bracket (i.e., an aggregate marginal tax bracket of \32 ). Assume that the Wilmoths will benefit from itemizing their deductions for both Federal and state purposes. The total cash outlay during the first year of ownership will be \\( \\$ 34,800 \\) ( \\( \\$ 3,480 \\) principal payments, \\( \\$ 31,320 \\) qualified residence interest payments). If required, round your interim calculation to nearest dollar. As a result, the initial year after-tax cost of financing the purchase of the home will be \\( \\$ \\) 
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