A firm reports net income of $433,550.00 for 2013. The firm has a dividend payout ratio of 24.00%. The firm currently has $988,150.00 in debt, and $1,650,600.00 in shareholder equity. The firm pays 6.00% annual interest on their outstanding debt.

Based on the interest rate on debt, how much more interest will the firm pay in 2014? (Assume that all new debt is issued at first of year)

(The firm pays 6.00% annual interest on their outstanding debt.)

Answer Format: Currency: Round to: 2 decimal places. *Please Provide an Explanation