MC Qu. 7-195 On January 1, Year 1, The Pawms borrowed... On January 1, Year 1. The Pawms borrowed $244,000 to purchase a Warehouse by agreeing to a 9%, 5-year note with the bank. Payments of $62,730.56 are due at the end of each year. The first payment will be made on December 31, Year 1. What is the interest expense for Year 1 and Year 2? (Round your answers to the nearest dollar.) Multiple Choice