Hogg Company purchased a machine from Chump Corporation on October 31, 2020. In payment for the $570,000 purchase, Hogg issued a one-year installment note to be paid in equal monthly payments of $50,664 at the end of each month. The payments include interest at the rate of 12%. The amount of interest expense that Hogg will report in its income statement for the year ended December 31, 2020, is: