On July $8,$ Jones Inc. issued an $$80,000,6\%,120-$day note payable to Miller

Company. Assume that the fiscal year of Jones ends July $31.$ Using a $360-$day year, what is the amount of interest expense recognized by Jones in the current fiscal year? When required, round your answer to the nearest dollar.

$$700$

$$4,200$

$$307$

$$1,400$