On November 1 of this year, Jaxon borrowed $42,000 from Bucksnort Savings and Loan for use in his business. In December, Jaxon paid interest of $3,780 relating to the 12-month period from November of this year through October of next year. (Do not round intermediate calculations.) Problem 9-67 Part-a (Algo)

a. How much interest, if any, can Jaxon deduct this year if his business uses the cash method of accounting for tax purposes?