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The Tomac Swim Club arranged short - term financing of $ 1 2 , 0 0 0 . 0 0 on July 1 4 with

The Tomac Swim Club arranged short-term financing of $12,000.00 on July
14 with the Bank of Commerce and secured the loan with a demand note.
The club repaid the loan by payments of $5100 on September 6,$3700 on
November 14, and the balance on December 30. Interest, calculated on the
daily balance and charged to the club's current account on the last day of
each month, was at 7% per annum on July 14. The rate was changed to
7.25% effective September 1 and to 6.5% effective December 1. How much
interest was paid on the loan?
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