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 weightedaverage interest rate to 4 decimal places, e.g. 0.2152 and final answer to 0 decimal places, e.g. 5,275.) Avoidable interest $