The McAllister Company borrowed $$40,000$ from a bank on January $1,2021$ at an interest rate of $8$

percent; the loan will be repaid in full at the end of the two$-$year term. What amount of interest expense

will the company record in its financial statements for the year $2022?$ As needed, round your final

answer $($but not intermediate steps$)$ to the nearest whole dollar and enter as a positive number.