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Margaret Lindley paid $15,150 of interest on her $301,500 acquisition debt for her home (fair...

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Finance

Margaret Lindley paid $15,150 of interest on her $301,500 acquisition debt for her home (fair market value of $501,500), $4,150 of interest on her $30,150 home-equity debt used to buy a new boat and car, $1,150 of credit card interest, and $3,150 of margin interest for the purchase of stock. Assume that Margaret Lindley has $10,150 of interest income this year and no investment expenses. How much of the interest expense may she deduct this year?

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