Sheffield Furniture started construction of a combination office and warehouse building for its own use at an estimated cost of 4,160,000 on January 1, 2022. Sheffield expected to complete the building by December 31, 2022. Sheffield has the following debt obligations outstanding during the construction period.

Construction loan-12% interest, payable semiannually, issued December 31, 2021		1,680,000
Short-term loan-10% interest, payable monthly, and principal payable at maturity on May 30, 2023		1,344,000
Long-term loan-11% interest, payable on January 1 of each year. Principal payable on January 1, 2026		840,000

Assume that Sheffield completed the office and warehouse building on December 31, 2022, as planned at a total cost of 4,368,000. The following expenditures were made during the period forthis project: January 1, 840,000; April 1, 1,240,000; July 1, 1,640,000; and October 1, 560,000. Excess funds from the construction loans were invested during the period and earned 17,600 of investment income. Compute the amount of borrowing costs to be capitalized for this project.

Borrowing costs

enter the borrowing costs in euros