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An automotive dealer borrowed $8300.00 from the Bank of Montreal on a demand note on May 14 . Interest on the loan, calculated on the
An automotive dealer borrowed $8300.00 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 $2100 on July 16, a payment of $4400 on October 1, and repaid the balance on December 1. The rate of interest on the loan on May 14 was 6% per annum. The rate was changed to 6.5% on August 1 and to 6.9% on October 1. What was the total interest cost for the loan?
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