You are the new controller for Moonlight Bay Resorts. The company CFO has asked you to determine the company$$s interest expense for the year ended December $31,2024.$ Your accounting group provided you the following information on the company's debt:

Note: Use tables, Excel, or a financial calculator. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$

On July $1,2024,$ Moonlight Bay issued bonds with a face amount of $$2,500,000.$ The bonds mature in $20$ years and interest of $11\%$ is payable semiannually on June $30$ and December $31.$ The bonds were issued at a price to yield investors $12\%.$ Moonlight Bay records interest at the effective rate.

At December $31,2023,$ Moonlight Bay had a $10\%$ installment note payable to Third Mercantile Bank with a balance of $$590,000.$ The annual payment is $$105,000,$ payable each June $30.$

On January $1,2024,$ Moonlight Bay leased a building under a finance lease calling for four annual lease payments of $$70,000$ beginning January $1,2024.$ Moonlight Bay$$s incremental borrowing rate on the date of the lease was $12\%$ and the lessor$$s implicit rate, which was known by Moonlight Bay, was $11\%.$

Required:

Calculate interest expense for the year ended December $31,2024.$