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Required information

Problem $6-44($LO $6-2)($Algo$)$

$[$The following information applies to the questions displayed below.$]$

This year Randy paid $$28,450$ of interest on his residence. $($Randy borrowed $$456,000$ to buy his residence, which is currently worth $$506,000.)$ Randy also paid $$2,650$ of interest on his car loan and $$4,425$ of margin interest to his stockbroker $($investment interest expense$).$ How much of this interest expense can Randy deduct as an itemized deduction under the following circumstances?

Problem $6-44$ Part$-$a $($Algo$)$

a$.$ Randy received $$2,320$ of interest this year and no other investment income or expenses. His AGI is $$75,000.$

Interest deductible