Problem $14-45($LO $14-3)($Algo$)$

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Javier and Anita Sanchez purchased a home on January $1,2024,$ for $$742,000$ by paying $$212,000$ down and borrowing the remaining $$530,000$ with a $7$ percent loan secured by the home. The loan requires interest$-$only payments for the first five years. The Sanchezes would itemize deductions even if they did not have any deductible interest. The Sanchezes' marginal tax rate is $32$ percent.

Problem $14-45$ Part a $($Algo$)$

a$.$ What is the after$-$tax cost of the interest expense to the Sanchezes in $2024?$

Note: Round your intermediate calculations to the nearest whole dollar amount.