Chauncey borrowed $4,500 for 3½ years. For the first 2½ years, the interest rate on the loan was 7.75% compounded semi-annually. Then the rate became 3.50% compounded monthly. What total amount was required to pay off the loan if no payments were made before the expiry of the 3½-year term? For full marks your final answer should be rounded to the nearest cent.