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Javier and Anita Sanchez purchased a home on January 1 of...

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Accounting

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Javier and Anita Sanchez purchased a home on January 1 of year 1 for $1,000,000 by paying $200,000 down and borrowing the remaining $800,000 with a 6 percent loan secured by the home. The Sanchezes made interest-only payments on the loan in years 1 and 2. Note: Leave no answer blank. Enter zero if applicable. b. Assuming year 1 is 2022 , how much interest would the Sanchezes deduct in year 2

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