Mary purchased a home in year 1 for $200,000. She made a 20-percent down payment and financed the rest with a 15 year loan at six percent. In year 1, she took out a $20,000 home equity loan and used the proceeds to go on a trip around the world. In year 2, her interest payments were $9,600 on her mortgage and $1,400 on her home equity loan. What amount can she deduct in year 2 as an itemized deduction?
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