NovakFurniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $4,000,000 on January 1, 2020. Novak expected to complete the building by December 31, 2020. Novak has the following debt obligations outstanding during the construction period. Construction loan-12\% interest, payable semiannually, issued December 31,2019$1,600,000 Short-term loan-10\% interest, payable monthly, and principal payable at maturity on May 30,2021 1,200,000 Long.term loan-11\% interest, payable on January 1 of each year. Principal payable on January 1, 2024800,000 (a) Assume that Novak completed the office and warehouse building on December 31, 2020, as planned at a total cost of $4,160,000. and the weighted-average amount of accumulated expenditures was $2,880,000. 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, es. 5,275.)