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 Long-term loan-11% interest, payable on January 1 of each year. Principal payable on January 1, 2024 1,200,000 800,000 (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, e.g. 7.58% for computational purposes and round final answers to O decimal places, e.g. 5,275.) (b) Avoidable Interest $ eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer The parts of this question must be completed in order. This part will be available when you complete the part above.