?

On December 1, 2012, Michaels, a self-employed cash-basis calendar-year taxpayer, borrowed $100,000 to use in her business. The loan was to be repaid on November 30, 2013. Michaels paid the entire interest of $12,000 on December 1, 2012. What amount of interest is deductible on Michaels’ 2013 income tax return?