In the current year, Sanchez paid interest of $30,000 on a $1,000,000 principal home mortgage. He also paid interest of $4,000 on a $100,000 home equity loan, the proceeds of which he used to pay off student loans. Assuming that he can itemize, what is his current year deduction from these payments? 

• $22,500 
• $25,000 
• $30,000 
• $34,000
  
  

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