On 1/1/X1, XYZ Corp. borrowed $500,000 under a 30-year fully amortizing mortgage note payable bearing an annual interest at a fixed rate of 8% compounding monthly. If the monthly payment under the note is $3,668.83 and is to be made on the 1st of each month beginning on 2/1/X1, the amount of interest expense to be recorded with the second payment on 3/1/X1 would be (rounded to the nearest cent).