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An automotive dealer borrowed $ 8 5 0 0 from the Bank of Montreal on a demand note on May 8 . Interest on the

An automotive dealer borrowed $ 8500 from the Bank of Montreal on a demand note on May 8. Interest on the loan, calculated on the daily balance, is charged to the dealer's current account on the 8th of each month. The automotive dealer made a payment of $1900 on July 13, a payment of $3600 on October1, and repaid the balance on December 1. The rate of interest on the loan on May 8 was 5% per annum. The rate was changed to 5.6% on August 1 and to 6.2% on October 1. What was the total interest cost for the loan?

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