On September28,Reeve Incorporated purchased equipment with a purchase price of$41,140plus5%sales tax.Shipping terms were FOB Shipping Point and shipping charges were$332.Installation was completed,and the new equipment was placed in service on October1.Installation costs totaled$915.The shipping and installation costs were paid for in cashonSeptember28.The equipment purchase price,including sales tax,was paid for by issuing a120day6%Note PayableonOctober1.Based on past experience,the equipment is expected to have a useful life of8years,at which time it will have an estimated worth of$4,054.The equipment will be depreciated using the Straight Line method.

Assuming a360-day yearfor your calculation,what is theAccrued Interest Expense on the Note on October31?