On January 1 of year 1. Arthur and Aretha Franklin purchased a home for $1.5million by paying $200.000 down and borrowing the remaining $1.3 million with a 7 percent loan secured by the home. The Franklins pald interest only on the loan for year 1 . year 2 and year 3 (unless stated otherwise). Note: Enter your answers in dollors and not in millions of dollars. Do not round intermediate calculatlons. Leave no answer blank. Enter zero if applicable. Required: a. What is the amount of interest expense the Frankins may deduct in year 3 assuming year 1152017? b. What is the amount of interest expense the Frankins may deduct in year 2 assuming year 1152021 ? c. Assume that year 1152022 and that in year 2, the Frankins pay of the entire loan, but at the beginning of year 3 , they borrow $300,000 secured by the home at a 3 percent rate. They make interest-only payments on the loan during the year, and they use the loan proceeds for purposes unrelated to the home. What amount of interest expense may the Franklins deduct in year 3 on this loan? Complete this question by entering your answers in the tabs below. What is the amount of interest expense the franklins may deduct in year 3 assuming year 1 is 20177 What is the amount of interest expense the Franklins may deduct in year 2 assuming year 1 is 2021 ? Assume that year 1 is 2022 and that in year 2, the franilins pay off the entire loan, but at the beginning of year 3 , they borrow $300,000 secured by the home at a 3 percent rate. They make interest-only payments on the loan during the yean and they use the loan proceeds for purposes unrelated to the home. What amount of intereat expense may the Franklins deduct in year 3 on this loan