Problem $5-31$ Calculating Interest Expense $[$LO $4]$

You receive a credit card application from Shady Banks Savings and Loan offering an introductory rate of $4$ percent per year,

compounded monthly for the first six months, increasing thereafter to $18\mathrm{.}9$ percent per year, compounded monthly. Assuming

you transfer the $$19,500$ balance from your existing credit card and make no subsequent payments, how much interest will

you owe at the end of the first year?

Note: Do not round intermediate calculations and round your answer to $2$ decimal places, e$.$g$.,32\mathrm{.}16.$