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K Dirk Ward borrowed $13,000 00 for investment purposes on May 16 on a demand note providing for a variable rate of interest and payment of any accrued interest on December 31. He paid $1000 on June 10, $200 on September 21, and $800 on November 16. How much is the accrued interest on December 31 if the rate of interest was 7% on May 16, 7.5% effective August 1, and 7.8% effective November 12 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)

K Dirk Ward borrowed $13,000 00 for investment purposes on May 16 on a demand note providing for a variable rate of interest and payment of any accrued interest on December 31. He paid $1000 on June 10, $200 on September 21, and $800 on November 16. How much is the accrued interest on December 31 if the rate of interest was 7% on May 16, 7.5% effective August 1, and 7.8% effective November 12 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)

CONCEPTS IN FED.TAX.,2020-W/ACCESS
CONCEPTS IN FED.TAX.,2020-W/ACCESS
20th Edition
ISBN:9780357110362
Author:Murphy
Publisher:Murphy
Chapter5: Introduction To Business Expenses
Section: Chapter Questions
Problem 61P
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K Dirk Ward borrowed $13,000 00 for investment purposes on May 16 on a demand note providing for a variable rate of interest and payment of any accrued interest on December 31. He paid $1000 on June 10, $200 on September 21, and $800 on November 16. How much is the accrued interest on December 31 if the rate of interest was 7% on May 16, 7.5% effective August 1, and 7.8% effective November 12 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)
Transcribed Image Text:K Dirk Ward borrowed $13,000 00 for investment purposes on May 16 on a demand note providing for a variable rate of interest and payment of any accrued interest on December 31. He paid $1000 on June 10, $200 on September 21, and $800 on November 16. How much is the accrued interest on December 31 if the rate of interest was 7% on May 16, 7.5% effective August 1, and 7.8% effective November 12 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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