Joseph and Mary Smith paid the following amounts during 2020:

Interest on automobile loan $3,000

Interest on bank loan used to purchase municipal bonds 5,000

Interest on credit card debt 1,500

None of the interest qualifies as business expense. What is the maximum amount they can use as interest expense in calculating itemized deductions for 2020?

Select one:

a. $9,500

b. Some other amount

c. $4,500

d. $3,000

e. $0