KingbirdFurniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $14,000,000 on January 1, 2020. Kingbird expected to complete the building by December 31, 2020. Kingbird has the following debt obligations outstanding during the construction period.

Construction loan-12% interest, payable semiannually, issued December 31, 2019		$5,600,000
Short-term loan-10% interest, payable monthly, and principal payable at maturity on May 30, 2021		4,200,000
Long-term loan-11% interest, payable on January 1 of each year. Principal payable on January 1, 2024		2,800,000

Assume that Kingbird completed the office and warehouse building on December 31, 2020, as planned at a total cost of $14,560,000, and the weighted-average amount of accumulated expenditures was $10,080,000.

Compute the avoidable interest on this project.