On January 1, 2013, your brother's business obtained a 30-year amortized mortgage loan for $350,000 at a nominal annual rate of 7.35%, with 360 end-of-month payments. The firm can deduct the interest paid for tax purposes. What will the interest tax deduction be for 2014 (second year mortgage interest expense)?

$25,361.98

$26,883.70

$24,601.12

$23,079.40

$25,869.22

need help immediately, need to show all work. thank you.