Problem $5-25($Algorithmic$)$

Interest $($LO $5\mathrm{.}8)$

Janet and James purchased their personal residence $15$ years ago for $$367,500.$ For the current year, they have an $$91,875$ first mortgage on their home, on which they paid $$4,594$ in interest. They also have a home equity loan to pay for the children's college tuition secured by their home with a balance throughout the year of $$142,250.$ They paid interest on the home equity loan of $$14,225$ for the year. Calculate the qualified residence acquisition debt interest for the current year and the qualified home equity debt interest for the current year.

It an amount is zero, enter $"0".$

a$.$ Qualified residence acquisition debt interest

$ $4,875x$

b$.$ Qualified home equity debt interest

$

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