Crane Furniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $11,500,000 on January 1, 2020. Crane expected to complete the building by December 31, 2020. Crane has the following debt obligations outstanding during the construction period. $4,600,000 Construction loan-12% interest, payable semiannually, issued December 31, 2019 Short-term loan-10% interest, payable monthly, and principal payable at maturity on May 30, 2021 Long-term loan-11% interest, payable on January 1 of each year, Principal payable on January 1, 2024 3,450,000 2,300,000 (a) * Your answer is incorrect. Assume that Crane completed the office and warehouse building on December 31, 2020, as planned at a total cost of $11.960,000, and the weighted average amount of accumulated expenditures was $8,280,000. Compute the avoidable interest on this project. (Use interest rates rounded to 2 decimal places, eg. 7.58% for computational purposes and round final answers too decimal places, c.8. 5,275) Avoidable Interest 950544