A borrower takes a cash-out to refinance for 80% of the existing property value. The property is currently valued at $250,000, and the outstanding amount of the existing mortgage is $60,000. The new loan will be a 2/1 ARM with an initial interest rate of 2.625% and a 30-year term. The first two years will require only interest payments. What is the total amount in $dollars that the borrower will pay in interest during the first two years of the loan? Round to two decimals.