This Year, Jong Paid $3,000 of Interest on a Qualified

question 17

Multiple Choice

This year, Jong paid $3,000 of interest on a qualified education loan. Jong files married filing joint and reports modified AGI of $147,000. What is Jong's deduction for interest expense on an educational loan?

• A) $2,500.
• B) $1,500.
• C) $1,000.
• D) $3,000.
• E) None of the choices are correct.

---

Definitions:

Short-term Storage

Short-term storage, also known as short-term memory, holds a small amount of information for a brief period, typically around 20 seconds.

Sensory Storage

A memory storage system that very briefly holds a vast amount of information from the five senses in close to their original sensory formats.

Computer Processing

Refers to the series of operations performed by a computer in order to collect, analyze, and store data.

Human Memory

The capacity of humans to store, retain, and recall information and experiences.