automotive dealer borrowed $8900.00 from the Bank of Montreal on a demand note on May 11. Interest on the loan, calculated on the daily balance, is charged to the dealer's current account on the 11th of each month. The automotive dealer made a payment of $1600 on July 23, a payment of $4300 on October 1, and repaid the balance on December 1.

The rate of interest on the loan on May 11 was 7% per annum. The rate was changed to 7.3% on August 1 and to 7.9% on October 1. What was the total interest cost for the loan?

The total interest cost for the loan is $

(Round the final answer to the nearest cent as needed.