Jupiter, Inc. signed a one-year $24,000 note payable at 8% interest on March 1, 2019. How much interest expense must be accrued on May 31, 2019? (Round any intermediate calculations to two decimal places, and your final answer to the nearest whole number.)

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The interest expense for 3 months (March 1 to May 31) on a $24,000 note at 8% annual interest rate is calculated as follows: Interest = Principal x Rate x Time = $24,000 x 8% x (3/12) = $24,000 x 0.08 x 0.25 = $480.