Lewis and taurie are married and jointly own a home valued at $240,000. They recently paid off the mortgage on their home. The couple borrowed money from the local credit union in January of 2022 . How much interest may the couple deduct in each of the following alternative situations? (Assume they itemize deductions no matter the amount of interest.) Note: Leave no answer blank. Enter zero if applicable. Required: a. The couple borrows $40,000, and the loan is secured by theic home. The credit union calls the loan a "home equity loan." Lewis and Laurie use the loan proceeds for purposes unrelated to the home. The couple pays $1,600 interest on the loan during the year, and the couple files a joint retum. b. The couple borrows $110,000, and the loan is secured by their home. The credit union calts the loan a "home equity loan." Lewis and Laurie use the loan proceeds to add a room to their home. The couple pays $5,200 interest on the loan during the year, and the couple files a joint return. Complete this question by entering your answers in the iabs below. The couple borrows 540,000 , and the loan is secured by their home. The credit union calls the loan a "home equity loan." Lewis and Laurle use the loan proceeds for purposes unrelated to the home. The couple pays $1,600 interest on the loan during the year, and the couple files a joint return