Based on the table, what is the total tax due for a married couple who have a combined income of $110,000? Married Taxpayers, Filing Jointly
Tax Rate Income Bracket Tax Owed
10% 0 to 19,050 10% of taxable income
12% 19,051 to 77,400 $1,905 plus 12% of the excess over $19,050
22% 77,401 to 165,000 $8,907 plus 22% of the excess over $77,400
24% 165,001 to 315,000 $28,179 plus 24% of the excess over $165,000
32% 315,001 to 400,000 $64,179 plus 32% of the excess over $315,000
35% 400,001 to 600,000 $91,379 plus 35% of the excess over $400,000
37% > 600,000 $161,379 plus 37% of the excess over $600,000

b. b < 1 might be the correct answer

explanation:

the loan estimate encourages consumers to shop. since it is the lenders who are required to issue a standardized loan estimate in a specific time frame, this way consumers are provided an opportunity to compare lenders and their products. otherwise consumer wouldn't know the benefits offered by other lenders.  

if a loan originator does not provide a loan estimate within 3 business days of receiving a completed loan application, that lender is in violation. lenders are required to issue a loan estimate within 3 days of applying for a loan or within 7 days prior to closing. having a loan estimate has following information.

not having loan estimate won't give you an idea of money to be borrowed.

you get to know your interest rates.

you also get to know if your interest rate can or may vary.

not having a good faith estimate can keep you unaware of aforementioned points.