As part of its investing activities, the management of Toyota & Sons has just concluded an expansion project relating to the businesss storage facilities. The project required capital outlay of $1,800,000 and was funded by a loan from a family member, who is a partner in the business. $340,000 of the principal along with interest of $35,000 will become due and payable in January 2024.

What is the amount due and payable in January 2024?