Ivanhoe Company is constructing a building. Construction began on February 1 and was completed on December 31. Expenditures were $1,884,000 on March 1, $1,284,000 on June 1, and $3,091,100 on December 31. Ivanhoe Company borrowed $1,174,200 on March 1 on a 5-year, 13% note to help finance construction of the building. In addition, the company had outstanding all year a 10%, 5-year, $2,379,800 note payable and an 11%, 4-year, $3,616,400 note payable. Compute avoidable interest for Ivanhoe Company. Use the weighted-average interest rate for interest capitalization purposes. (Round percentages to 2 decimal places, e.g. 2.51% and final answer to 0 decimal places, e.g. 5,275.)