Question - During the past few years, ABC Company has taken out the following loans from the bank:
1. On August 1, 2017, ABC Company borrowed $18,000 on a 9%, 11-month note payable.
2. On February 1, 2018, ABC Company borrowed $30,000 on a 10%, 8-month note payable.
3. On June 1, 2018, ABC Company borrowed $24,000 on a 13%, 9-month note payable.
What is the total amount of interest expense that would be reported in 2018?