Agasse Industries began construction of a new facility and took out a $1,500,000, 8% construction loan on April 1, 2024. Agasse made payments to the general contractor of $481,000 on April 1, $981,000 on August 31, and $581,000 on December 31.
Required:
Compute the amount of interest that Agasse would capitalize in 2024.
Note: Do not round intermediate calculations.
Amount of interest