Jimmy bought a home in 2005 for $625,000 financing $550,000 of the purchase price with a 30 year mortgage. In 2017 when his existing mortgage balance was $520.000, he took out a home equity loan for $150.000. He used the proceeds to pay off credit card debt of $40,000 and purchase a car for 585 000, the balance he used to buy an engagement ring for his girlfriend. He paid $30,000 interest on the mortgage and paid interest only of S6600 on the home equity loan What is his deduction for qualified residential interest? $6.600 $30,000 OC 336,600 $34,400