Franklin Company obtained an $85,000 line of credit from the State Bank on January 1, 2016. The company agreed to accept a variable interest rate that was set at 1% above the bank's prime lending rate. The bank's prime rate of interest and the amounts borrowed or repaid during the first three months of 2016 are shown in the following table. Assume that Franklin borrows or repays on the first day of each month. Borrowing is shown as a positive amount and repayments are shown as negative amounts indicated by parentheses. Amount Prime Rate Borrowed for the or (Repaid) Month 1-Jan $22,000 4.0% 1-Feb ($ 6,000) 4.5% 1-Mar $22,000 5.0% Based on this information alone, the amount of interest expense recognized in March would be closest to: (Do not round your intermediate calculations. Round your final answer to the nearest whole number.)