The Tomac Swim Club arranged short-term financing of $12,400.00 on July 21 with the Bank of Commerce and secured the loan with a demand note. The club repaid the loan by payments of $5400 on September 10, $3800 on November 16, 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 9% per annum on July 21. The rate was changed to 8.25% effective September 1 and to 8.75% effective December 1. How much interest was paid on the loan?