$1$

Required information

$[$The following information applies to the questions displayed below.$]$

On January $1$ of year $1,$ Arthur and Aretha Franklin purchased a home for $$2\mathrm{.}59$ million by paying $$290,000$ down and borrowing the remaining $$2\mathrm{.}30$ million with a $8$ percent loan secured by the home. The Franklins paid interest only on the loan for year $1,$ year $2,$ and year $3($unless stated otherwise$).$

Note: Enter your answers in dollars and not in millions of dollars. Do not round intermediate calculations. Leave no answer blank. Enter zero if applicable.

b$.$ What is the amount of interest expense the Franklins may deduct in year $2$ assuming year $1$ is $2022?$

Deductible interest expense