Concord Company is constructing a building. Construction began on February 1 and was completed on December 31. Expenditures were $1,848,000 on March 1, $1,248,000 on June 1, and $3,020,000 on December 31. Concord Company borrowed $1,112,000 on March 1 on a 5-year, 12% note to help finance construction of the building. In addition, the company had outstanding all year a 10%, 5-year, $2,327,000 note payable and an 11%, 4-year, $3,400,000 note payable. Compute avoidable interest for Concord Company. Use the weighted-average interest rate for interest capitalization purposes.

(Round weighted-average interest rate to 4 decimal places, e.g. 0.2152 and final answer to 0 decimal places, e.g. 5,275.)

Avoidable interest $enter the avoidable interest in dollars rounded to 0 decimal places