Ranger Company is constructing a building. Construction began on January 1 and was completed on December 31. Weighted average accumulated expenditures totaled $8,413,333. Ranger borrowed $3,200,000 on January 1 on a 5-year, 12% note to help finance construction of the building. In addition, the company had outstanding all year a 10%, 3-year, $6,400,000 note payable and an 11%, 4-year, $12,000,000 note payable. What is the avoidable interest for Ranger Company? Round interest rates to two decimals (0.xxxx or xx.xx%).

Ranger Company is constructing a building. Construction began on January 1 and was completed on December 31. Weighted average accumulated expenditures totaled $8,413,333. Ranger borrowed $3,200,000 on January 1 on a 5 -year, 12% note to help finance construction of the building. In addition, the company had outstanding all year a 10%,3-year, $6,400,000 note payable and an 11%,4-year, $12,000,000 note payable. What is the avoidable interest for Ranger Company? Round interest rates to two decimals (0.xxxx or xx.xx%)