Teri Pays the Following Interest Expenses During the Year What Is the Amount of Interest Expense That Can Be

Multiple Choice

Teri pays the following interest expenses during the year: $\begin{array}{|l|r|}\hline\text { Home mortgage interest on personal residence } & \$ 8,500 \\\hline \text { Credit card interest on personal purchases } & 550\\\hline \text { Interest on loans used to purchase investments (Net investment } & \\ \text { income is } \$ 2,000) & 2,400 \\\hline \text { Interest on loans used for a business conducted as a sole } & \\\text { proprietorship }&3,800\\\hline\text { Interest on a credit card used exclusively in the business }&470\\\hline\end{array}$ What is the amount of interest expense that can be deducted as an itemized deduction?

A) $10,500
B) $10,900
C) $14,300
D) $14,700