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The Mordens purchased a new car by borrowing $40,000 against their home. At the time of the car loan, the fair market value of their

The Mordens purchased a new car by borrowing $40,000 against their home. At the time of the car loan, the fair market value of their home was $600,000. There was no other debt on the home. The interest on the loan qualifies in 2022 as:

Multiple Choice

Deductible qualified residence interest.

Nondeductible interest.

Investment interest expense.

Deductible personal interest

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