Robert and Judy Parker made the following payments during 2007:
|
Interest on a life insurance policy loan (the loan proceeds were used for personal use) |
$1,200 |
|
Interest on home mortgage for period January 1 to October 4, 2007 |
3,600 |
|
Penalty payment for prepayment of home mortgage on October 4, 2007 |
900 |
How much can the Parkers utilize as interest expense in calculating itemized deductions for 2007?
- $5,700
- $4,620
- $4,500
- $3,600