George recently received a great stock tip from his friend, Mason. George didn't have any cash on hand to invest, so he decided to take out a $42,000 loan to facilitate the stock acquisition. The loan terms are 8 percent interest with interest-only payments due each year for five years. At the end of the five- year period the entire loan principal is due. When George closed on the loan on April 1, 2020, he decided to invest $29,400 in stock and to use the remaining $12,600 to purchase a four-wheel recreation vehicle. George is unsure how he will treat the interest paid on the $42,000 loan. In 2020, George paid $2,520 interest expense on the loan. (Hint Visit https://www.irs.gov/ and consider IRS Publication 550.) What amount may he deduct as interest in 2020? Deductible interest $ 1,512 w