Elizabeth Brown is seeking financing for her new business venture, the development of a local ski hill. She has found two possible sources of financing: (1) a mortgage payable and (2) a note payable. She can borrow $230,000 on January 1, 2027, from either, but the repayment terms differ. (a) Indicate the interest expense for the year ending December 31, 2027, assuming Brown chooses (1) the mortgage payable and (2) the note payable