Laws And Pet Smart inter Case Study Google Slides Thesis - Google 3.01 Meet Your mode: This shows what is correct or incorrect for the work you have completed so far. It does not Indicate Returnt uired information [The following information applies to the questions displayed below.) On January 1 of year 1, Arthur and Aretha Franklin purchased a home for $1.5 million by paying $200,000 down and borrowing the remaining $1.3 million with a 7 percent loan secured by the home. The Franklins paid interest only on the loan for year 1. year 2, and year 3 (unless stated otherwise). (Enter your answers in dollars and not in millions of dollars. Do not round intermediate calculations. Leave no answer blank. Enter zero if applicable.) b. What is the amount of Interest expense the Franklins may deduct in year 2 assuming year 1 is 2019? Answer is complete but not entirely correct. Deductible interest expense $ 52,080 27 28 of 28 DO SVO og 7 099 DO F