How do you calculate the interest expense and interest payable of this question? I keep getting 16,000 for the interest payable which is WRONG and 960 for the expense which is also wrong.

July 1 Purchased equipment, paying $ 3,200 cash and signing a 2-year note payable for$16,000. The equipment has a 4-year useful life. The note has a 6% interest rate which is payable on the first day of each following month. for S 40 0o0 ca