You have financed the purchase of an office property using debt. Terms of the debt are as follows: amount = $1,000,000, amortization term = 16 years, fixed interest rate = 8.36% per year, payment frequency = annual (end of year). You require estimates of interest expense for tax purposes. What is the expected interest expense in year 3 (in other words what is the amount of interest included within the debt payment paid at the end of year 3)?