Jerry and Ann paid the following amounts during the current year: Interest on automobile loan $1,500 Interest on bank loan (proceeds were used to purchase municipal bonds) $5,000 Qualified home mortgage interest $3,150 What is the maximum amount they can use as interest expense in calculating itemized deductions for the current year? 

$3,000 

$3,150 

$8,000 

$4,500 

None of these choices are correct.