Loeb Corp. frequently borrows from the bank in order to maintain sufficient operating cash. The following loans were at a 12% interest rate, with interest payable at maturity. Loeb repaid each loan on its scheduled maturity date. Date of loan 11/1/96 2/1/97 5/1/97 Amount $ 5,000 15,000 8,000 Maturity date 10/31/97 7/31/97 1/31/98 Term of loan 1 Year 6 Months 9 Months Loeb records interest expense when the loans are repaid. As a result, interest expense of $1,500 was recorded in 1997. If no correction is made, by what amount would 1997 interest expense be understated