Dirk Ward borrowed $11,000.00 for investment purposes on May 21 on a demand note providing for a variable rate of interest and payment of any accrued interest on December 31. He paid $700 on June 12, $100 on September 24, and $500 on November 18. How much is the accrued interest on December 31 if the rate of interest was 6% on May 21, 6.35% effective August 1, and 6.65% effective November 1? ...... The accrued interest on December 31 is $. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
Dirk Ward borrowed $11,000.00 for investment purposes on May 21 on a demand note providing for a variable rate of interest and payment of any accrued interest on December 31. He paid $700 on June 12, $100 on September 24, and $500 on November 18. How much is the accrued interest on December 31 if the rate of interest was 6% on May 21, 6.35% effective August 1, and 6.65% effective November 1? ...... The accrued interest on December 31 is $. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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i need accurate answer. make sure
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
Transcribed Image Text:Dirk Ward borrowed $11,000.00 for investment purposes on May 21 on a demand note providing for a
variable rate of interest and payment of any accrued interest on December 31. He paid $700 on June 12,
$100 on September 24, and $500 on November 18. How much is the accrued interest on December 31 if the
rate of interest was 6% on May 21, 6.35% effective August 1, and 6.65% effective November 1?
The accrued interest on December 31 is $
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places
as needed.)
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