4. You are assisting in a real estate closing transac-tion. The loan is $80,000 at an interest rate of 6% per annum. The loan is closing on March 14, and the lender wants the first payment on the loan to begin on May 1. The lender also requires the borrower to pay in advance all interest accruing during March. How much interest would you col-lect from the borrower at closing