Question: Mike and Sally Card file a joint return for this tax year. Their adjusted gross income is $65,000 and they incur the following interest expenses:

Mike and Sally Card file a joint return for this tax year. Their adjusted gross income is $65,000 and they incur the following interest expenses: Qualified education loans $3400 Personal loan 1400 Home mortgage loan 4400 Loan used to purchase a variety of stocks, bonds, and securities 17900 Investment income and related expenses amount to $8500 and $800, respectively. Assume the amount of their home acquisition loan is $700,000. How much of the interest of the home mortgage loan is deductible?

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