An automotive dealer borrowed

$10,300.00

from the Bank of Montreal on a demand note on

May

14.

Interest on the loan, calculated on the daily balance, is charged to the dealer's current account on the

14th

of each month. The automotive dealer made a payment of

$2300

on July

23,

a payment of

$4700

on October 1, and repaid the balance on December 1. The rate of interest on the loan on

May

14

was

7%

per annum. The rate was changed to

7.5%

on August 1 and to

7.9%

on October 1. What was the total interest cost for the loan?