An automotive dealer borrowed 500000 from the Bank of Montreal on a demand not on May 9 Interest on the loan, calculated on the daily balance, is charged to the dealer's current account on the oth of each month. The automotive made a payment of 2000 on July 23, a payment of $4100 on October 1, and repaid the balance on December 1. The rate of interest on the loan on May 9 was 8% per annum. The rate was changed to 8.25. on August 1 and to 86% on October 1. What was the total interest cost for the loan? The interest cost for the loan is Round the final to the nearestent as needed. Round all intermediate values to sex decimal places as needed An automotive dealer borrowed $8000.00 from the Bank of Montreal on a demand note on May 9. Interest on the loan, calculated on the daily balance is charged to the dealer's current account on the go of each month. The automotive dealer made a payment of $2400 on July 23, a payment of $4100 on October 1, and repaid the balance on December 1. The rate of interest on the loan on May 9 8 % per annum. The rate was changed to 8.25% on August 1 and to 8.0% on October 1. What was the total interest cost for the loan? The total interest cost for the loan is SL Round the final answer to the nearest cont as needed. Round all informediate values lo six decimal places as needed)