Amy Paid the Following Interest Expense During the Current Year

question 84

Multiple Choice

Amy paid the following interest expense during the current year: $\begin{array}{llcc} \text {Qualified home mortgage interest } & \$5,000 \\ \text { Credit card interest } &\$1,000\\ \text { Personal bank loan interest } &\$3,000\\ \text { } &\\ \text { } &\\ \text { } &\\\end{array}$
What is the amount of Amy's interest deduction for the current year?

• A)$8,000
• B)$3,000
• C)$4,000
• D)$5,000
• E)$6,000

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Definitions:

Ohmmeter

An electrical instrument used to measure the resistance of a component or circuit, aiding in troubleshooting and electrical work.

Field Coils

Used in electric motors and other electrical devices to flow current through to establish an electromagnetic field.

Armature Windings

Coils of wire wound around the armature of an electric machine (such as a motor or generator) which are responsible for generating magnetic fields when current passes through them.

Field Windings

These are coils of wire within an electric motor or generator that create a magnetic field when electricity passes through them.