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Swifty Hoadley and Melissa Quayle borrowed $18,400 on a 7-month, 9% bank loan from BMO Bank of Montreal to open their business, S M's Coffee

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Swifty Hoadley and Melissa Quayle borrowed \$18,400 on a 7-month, 9\% bank loan from BMO Bank of Montreal to open their business, S M's Coffee House Inc. The money was borrowed on June 1, 2022, and the loan matures January 1, 2023. Interest is due at maturity. Assuming adjusting entries are made at the end of each month, determine the balance in the Interest Payable account at December 31, 2022. (Round answer to the nearest whole dollar, e.g. 5,275.) Balance in Interest Payable Account \$

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