Tyrone and Akira, who are married, incurred and paid the following amounts of interest during 2022:

Home acquisition debt interest $ 13,250

Credit card interest 4,300

Home equity loan interest (used for home improvement) 6,365

Investment interest expense 10,600

Mortgage insurance premiums (PMI) 1,000

Required: With 2022 net investment income of $1,325, calculate the amount of their allowable deduction for investment interest expense and their total deduction for allowable interest. Home acquisition principal and the home equity loan principal combined are less than 750,000