Boyd Company has a line of credit with State Bank. Boyd can borrow up to $400,000 at any time over the course of the 2018 calendar year. The following table shows the prime rate expressed as an annual percentage along with the amounts borrowed and repaid during 2018. Boyd agreed to pay interest at an annual rate equal to 2 percent above the bank's prime rate. Funds are borrowed or repaid on the first day of each month. Interest is payable in cash on the last day of the month. The interest rate is applied to the outstanding monthly balance. For example, Boyd pays 7 percent (5 percent+ 2 percent) annual interest on $100,000 for the month of January. Amount Borrowed or (Repaid) Prime Rate for the Month 5 8 Month January February March April through October November December $100,000 70,000 (30,000) No change (50,000) (40,000) No change Boyd earned $45,000 of cash revenue during 2018 Required b. What is the total amount of interest expense paid for 2018?