Problem $6-31$ Calculating Interest Expense $[$LO$2]$

You receive a credit card application from Shady Banks Savings and Loan offering an introductory rate of $4$ percent per year, compounded monthly for the first six months, increasing thereafter to $16\mathrm{.}1$ percent compounded monthly. Assume you transfer the $$5,100$ balance from your existing credit card and make no subsequent payments. How much interest will you owe at the end of the first year? $($Do not round intermediate calculations and round your answer to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$

Interest