On December 1, Year 1, Bradley Corporation incurs a 16-year $330,000 mortgage liability in conjunction with the acquisition of an office building. This mortgage is payable in monthly installments of $3,900, which include interest computed at the rate of 12% per year. The first monthly payment is made on December 31, Year 1. How much of the first payment made on December 31, Year 1, represents interest expense?