Clyde operates a sole proprietorship using the cash method. This year Clyde made the following expenditures: $$480$ to Auburn Bank for interest accruing on a business loan from September $1$ of this year through August $31$ of next year; $$600$ for $9$ months of property insurance beginning on July $1$ of this year. What amount may Clyde deduct this year?

Group of answer choices

$$760$

$$600$

$$160$

$$1,080$