7. Fahim Furniture started construction of a combination office and warehouse building for its own use at an estimated cost of 5,000,000 on January 1, 2019. Fahim expected to complete the building by December 31, 2019. Fahim has the following debt obligations outstanding during the construction period. Construction loan12% interest, payable semiannually, issued December 31, 2018 2,000,00 0 Short-term loan10% interest, payable monthly, and principal payable at maturity on May 30, 2020 1,600,000 Long-term loan11% interest, payable on January 1 of each year. Principal payable on January 1, 2023 1,000,000 Instructions: Assume that Fahim completed the office and warehouse building on December 31, 2019, as planned at a total cost of 5,200,000, and the weighted-average accumulated expenditures was 3,800,000. Compute the avoidable interest on this project.