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Required information

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

$[$The following information applies to the questions displayed below.$]$

Javier and Anita Sanchez purchased a home on January $1,2024,$ for $\backslash$$$770,000$ by paying $\backslash$$$220,000$ down and borrowing the remaining $\backslash (\backslash$$ $550,000\backslash )$ 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 c $($Algo$)$

c$.$ Assuming the interest expense is their only itemized deduction for the year and that Javier and Anita file a joint return, have great eyesight, and are under $60$ years of age, what is the after$-$tax cost of their $2024$ interest expense?

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