Question: Exercise 10-19 (Algorithmic) (L0.5) Miller owns a personal residence with a fair market value of $335,000 and an outstanding first mortgage of $268,000, which was

Exercise 10-19 (Algorithmic) (L0.5) Miller owns a personal residence with a

Exercise 10-19 (Algorithmic) (L0.5) Miller owns a personal residence with a fair market value of $335,000 and an outstanding first mortgage of $268,000, which was used entirely to acquire the residence. This year, Miller gets a home equity loan of $16,750 to purchase a new fishing boat. How much of this mortgage debt is treated as qualified residence indebtedness

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