On Oct.31, 2025, Ford incurs a 20-year $800,000 mortgage liability in conjunction with the purchase of a factory. This is payable in equal monthly installments of $8,000 which include interest computed at an annual rate of 9%. The first monthly payment is made on November 30, 2025. This mortgage is fully amortizing over 240 months. The company counts 30 days for every month.

Compute the interest expense for the second monthly payment. Round only your answer to the 2 decimal places