A company borrows a loan of $1,050,000 from the bank to buy a product line. The bank charges a initial services fee of $50,000 at the beginning of the first month. The loan will be repaid in 24 months and interest is compounded every month in 1%. The line has a service life of 2 years with a salvage value of $60,000 at the end of the service life.The monthly operation cost for the first year is $50,000/month and $100,000/month for the second year. What is total cost during the 2-year period.