1. Grecian Tile Manufacturing of Athens, Georgia, borrows $1,500,000 at six-month CME Term SOFR plus a Bank Credit premium of 0.63 percent and a lending margin of 1.80 percent per annum on a six-month rollover basis from a London bank. If six-month CME Term SOFR is 2.600 percent over the first six-month interval and 3.475 percent over the second six-month interval, how much will Grecian Tile pay in interest over the first year of its Eurodollar loan?