Tyrone and Akira, who are married, incurred and paid the following amounts of interest during $2023$:

Home acquisition debt interest $ $10,750$

Credit card interest $3,300$

Home equity loan interest $($used for home improvement$)5,315$

Investment interest expense $8,600$

Mortgage insurance premiums $($PMI$)1,000$

Required:

With $2023$ net investment income of $$1,075,$ calculate the amount of their allowable deduction for investment interest expense and their total deduction for allowable interest. Home acquisition principal and the home equity loan principal combined are less than $$750,000.$