! Required information [The following information applies to the questions displayed below.] This year Randy paid $31,000 of interest on his residence. (Randy borrowed $490,000 to buy his residence, which is currently worth $540,000.) Randy also paid $3,500 of interest on his car loan and $5,700 of margin interest to his stockbroker (investment interest expense). How much of this interest expense can Randy deduct as an itemized deduction under the following circumstances?