An automotive dealer borrowed S7500.00 from the Bank of Montreal on a demand note on May...

 

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An automotive dealer borrowed S7500.00 from the Bank of Montreal on a demand note on May 6. Interest on the loan, calculated on the daily balance, is charged to the dealer's current account on the 6th of each month. The automotive dealer made a payment of $1900 on July 13, a payment of $2900 on October 1, and repaid the balance on December 1. The rate of interest on the loan on May 6 was 5% per annum. The rate was changed to 5.4% on August 1 and to 5.75% on October 1. What was the total interest cost for the loan? The total interest cost for the loan is S (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) An automotive dealer borrowed S7500.00 from the Bank of Montreal on a demand note on May 6. Interest on the loan, calculated on the daily balance, is charged to the dealer's current account on the 6th of each month. The automotive dealer made a payment of $1900 on July 13, a payment of $2900 on October 1, and repaid the balance on December 1. The rate of interest on the loan on May 6 was 5% per annum. The rate was changed to 5.4% on August 1 and to 5.75% on October 1. What was the total interest cost for the loan? The total interest cost for the loan is S (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)