The Davids bought a home in January and borrowed $424000 to finance it. The mortgage interest and principal payment is $1927 per month. In the first year, they paid $16631 in interest, $6572 in principal, and $9706 in property taxes. They are in the 24% marginal tax bracket. Approximately, how much will they save in federal income taxes from home ownership the first year, if itemizing deductions? (Round to the nearest whole dollar.)

a. $4015

b. $6321

c. $2329

d. $7898