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Crane Furniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $6,000,000 on January 1, 2020. Crane expected to complete the building by December 31, 2020. Crane has the following debt obligations outstanding during the construction period. Construction loan-12% interest, payable semiannually, issued December 31, 2019 $2,400,000 Short-term loan-10% interest, payable monthly, and principal payable at maturity on May 30, 2021 1,800.000 Long-term loan-11% interest, payable on January 1 of each year. Principal payable on January 1, 2024 1,200,000 (a) Your answer is incorrect. Assume that Crane completed the office and warehouse building on December 31, 2020, as planned at a total cost of $6,240,000, and the weighted average amount of accumulated expenditures was $4,320,000. Compute the avoidable interest on this project. (Use interest rates rounded to 2 decimal places, eg. 7.58% for computational purposes and round final answers to 0 decimal places, eg. 5,275.) Avoidable Interest $ e Textbook and Media Save for Later Attempts: unlimited Submit