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O D2L Chapter 14 - Homework - 202 x Question 28 - Chapter 14 - H( x Dashboard x Q Search Quizlet Which of the x | Q Exam 3 (CH 9, 10, 14) Flashce X + - G go ezto.mheducation.com/ext/map/index.html?_con=conexternal_browser=0launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%25... P S All Bookmarks Chapter 14 - Homework i Saved Help Save Exit Submit 28 Required information [The following information applies to the questions displayed below.] Part 2 of 2 On January 1 of 2024, Jason and Jill Marsh acquired a home for $500,000 by paying $400,000 down and borrowing $100,000 with a 3 percent loan secured by the home. On January 1 of 2025, the Marshes needed cash, so they refinanced the original loan by taking out a new $250,000, 3 percent loan. With the $250,000 proceeds from the new loan, the Marshes paid off the original $100,000 loan and used the remaining $150,000 to fund their son's college education. 1.25 points b. Assume the original facts, except that the Marshes use the $150,000 cash from the refinancing to add two rooms and a garage to their home. What amount of interest expense on the refinanced loan may the Marshes deduct in 2025? eBook Deductible interest expense Print References Mc Graw Hill