An automotive dealer borrowed $10,500.00 from the Bank of Montreal on a demand note on...
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An automotive dealer borrowed $10,500.00 from the Bank of Montreal on a demand note on May 5. Interest on the loan, calculated on the daily balance, is charged to the dealer's current account on the 5 th of each month. The automotive dealer made a payment of $2300 on July 8 , a payment of $4800 on October 1 , and repaid the balance on December 1 . The rate of interest on the loan on May 5 was 4% per annum. The rate was changed to 4.25% on August 1 and to 4.6% on October 1 . What was the total interest cost for the loan? An automotive dealer borrowed $10,500.00 from the Bank of Montreal on a demand note on May 5. Interest on the loan, calculated on the daily balance, is charged to the dealer's current account on the 5 th of each month. The automotive dealer made a payment of $2300 on July 8 , a payment of $4800 on October 1 , and repaid the balance on December 1 . The rate of interest on the loan on May 5 was 4% per annum. The rate was changed to 4.25% on August 1 and to 4.6% on October 1 . What was the total interest cost for the loan
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