The Tomac Swim Club arranged short-term financing of $14,400.00 on July 20 with the Bank of Commerce and secured the loan with a demand note. The club repaid the loan by payments of $5900 on September 11 , $4300 on November 18 , 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 5% per annum on July 20. The rate was changed to 5.5% effective September 1 and to 4.75% effective December 1. How much interest was paid on the loan?