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29-09-2022
Mathematics

Answered

An automotive dealer borrowed $8200.00 from a bank 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 28, a payment of $4700 on October 1, and repaid the balance on December 1. The rate of interest on the loan on May 6 was 8% per annum. The rate was changed to 8.3% on August 1 and to 8.7% on October 1. What was the total interest cost for the loan?

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