Royal Industries has budgeted the following information for January: Cash Receipts Beginning Cash Balance Cash Payments Desired Ending Cash Cushion $40,500 $15,000 $49,500 $10,000 If there is a cash shortage, the company borrows money. If a surplus occurs funds are used to repay loans or to invest in short-term assets. All borrowing, repayments, and interest payments occur on the last day of the month. The company had no debt before January 1st. The interest rate is 2.00% per month. The amount of interest expense incurred for January is