On 1/1/20, XYZ loaned $ 12,860 per PPP in exchange for a receivable of $ 15,000 with no stipulated interest rate and with a maturity date of 3/30/20. The effective interest rate in the market was 8% as of 1/1/20 and 9% as of 3/30/20. Determine the interest income to be reported on the income and expense statement for the period ending March 30, 2020