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How much interest was paid on the loan

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The swim club arranged short-term financing of $1500 on July 20th with the Bank of commerce and scheduled the loan with a demand note. The club repaid the loan by payments of $6000 on September 15th, $3000 on November 10th comma and the remaining balance on December 30th. Interest, calculated on the daily balance and charged to the club's current account on the last day of each month, was at 9.5% per annum on July 20th. The rate was changed to 8.5% effective September 1st and to 9% effective December 1st. How much interest was paid on the loan?

Reference no: EM132468231

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