Same information as the previous question. On January 1, 20X1, a Company purchased a piece of equipment by signing a note with a below market rate of interest. The facts of the transaction are shown below. Note payable $ 200,000 Fair value $ 164,000 Note term 5 years Coupon rate 1.4% The note is due in equal annual payments of principle and interest. What is the interest expense for the year ended December 31, 20X1?