Grecian Tile Manufacturing of Athens, Georgia, borrows $1,500,000 at six-month CME Term SOFR plus a Bank Credit premium of 0.47 percent and a lending margin of 1.00 percent per annum on a six-month rollover basis from a London bank. If six-month CME Term SOFR is 2.520 percent over the first six-month interval and 3.395 percent over the second six-month interval, how much will Grecian Tile pay in interest over the first year of its Eurodollar loan?

Note: Do not round intermediate calculations. Round your answer to 2 decimal places.