The Hamilton Company has a variable operating cost ratio of 60%; its cost of capital is 12% and current sales are $20,000. All of its sales are on credit and it currently sells on terms of net 30. Its accounts receivable balance is $3,000 on average. Hamilton is considering a new credit policy with terms of net 45. Under the new policy, sales will increase to $24,000 and accounts receivable will rise to $5,000. If Hamilton changes its credit policy to net 45, by how much will the cost of carrying receivables increase? [Assume a 360 day year].