Teal Furniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $5,000,200 on January 1, 2017. Teal expected to complete the building by December 31, 2017. Teal has the following debt obligations outstanding during the construction period.

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Exercise 10-7 (Part Level Submission) Teal Furniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $5,000,200 on January 1 December 31, 2017. Teal has the following debt obligations outstanding during the construction period , 2017. Teal expected to complete the building by Construction loan-12% interest, payable semiannually, issued December 31, 2016 Short-term loan-10% interest, payable monthly, and principal payable at maturity on May 30, 2018 Long-term loan-11% interest, payable on January 1 of each year. Principal payable on January 1, 2021 $2,007,800 1,588,200 990,600 Assume that Teal completed the office and warehouse building on December 31, 2017, as planned at a total cost of $5,167,500, and the weighted-average amount of accumulated expenditures was $3,836,900. Compute the avoidable interest on this project. (Use interest rates rounded to 2 decimal places, e.g. 7.58% for computational purposes and round final answers to decimal places, e.g. 5,7) Avoidable Interest