FlintFurniture Company started construc$$ion of a combination office and warehouse building for its own use at an estimated cost of $$13,500,000$ on January $1,2020.$ Flint expected to complete the building by December $31,2020.$ Flint has the following debt obligations outstanding during the construction period.

Construction loan$-12\%$ interest, payable semiannually, issued December $31,2019$

$$5,400,000$

$4,050,000$

$2,700,000$

$($a$)$

Assume that Flint completed the office and warehouse building on December $31,2020,$ as planned at a total cost of $$14,040,000,$ and the weighted$-$average amount of accumulated expenditures was $$9,720,000.$ Compute the avoidable interest on this project. $($Use interest rates rounded to $2$ decimal places, e$.$g$.7\mathrm{.}58\%$ for computational purposes and round final answers to $0$ decimal places, e$.$g$.5,275.)$

Avoidable Interest

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