Well-Built Company had the following general borrowings during 2019 which were used to finance the construction of the companys new building.

	Principal	Interest
10% bank loan	2,800,000	280,000
10% short-term note	1,600,000	160,000
12% long-term loan	2,000,000	240,000

The construction began on January 1, 2019 and the building was completed on December 31, 2019. Expenditures on the building were made as follows:

January 1	400,000
March 31	1,000,000
June 30	1,200,000
September 30	1,000,000
December 31	400,000

For this problem, do NOT round off the average capitalizable rate. The amount of capitalizable borrowing cost is