Stephen purchased a rental property on 04 September 2022 and has rented the property from this date. The loan is for a period of 25 years.

He incurred the following expenses when purchasing the property -

> $4,450 Lender's Mortgage Insurance

> $12,250 Stamp duty on transfer of the property

> $1,800 Mortgage broker's fee

> $1,760 Conveyancing fees

> $750 Bank loan establishment fee

> $700 Valuation required by bank

Calculate how much Stephen can claim in borrowing costs for the 2023 year. A. 1,265 B. 1,539 C. 1,554 D. 3,567