Betties Dealers obtained a loan of R1 000 000 from VL Bank on 1 September 20.1. The loan is secured by mortgage over land and buildings and is redeemable in four equal annual instalments. The first instalment on loan is payable on 31 August 20.2. The interest rate payable is 15%. Betties Dealers financial year end 28 February. The amount of the interest expense to be disclosed in the statement of profit or loss and other comprehensive income for the year ended 28 February 20.2 is