Cameron received a demand loan for $8,000 from his bank on January 30, 2011 at 6.00% p.a.

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Question:

Cameron received a demand loan for $8,000 from his bank on January 30, 2011 at 6.00% p.a. simple interest. On May 24, 2011, the interest rate on the loan changed to 6.25% p.a. and Cameron settled the loan on July 16, 2011. Calculate the total interest paid on the loan.