The Tomac Swim Club arrangedshort-term financing of $13,600.00 on July 23 with the Bank of Commerce and secured the loan with a demand note. The club repaid the loan by payments of $6500 on September 14th, $3500 on November 14, and the balance on December 30.Interest, calculated on the daily balance and charged to theclub's current account on the last day of eachmonth, was at 7% per annum on July 23. The rate was changed to 7.5% effective September 1 and to 8.5% effective December 1. How much interest was paid on theloan?