Dirk Ward borrowed $11,000.00 for investment purposes on May 7 on a demand note providing for a variable rate of interest and payment of any accrued interest on December 31. He paid $600 on June 19, $100 on September 18, and $1100 on November 23. How much is the accrued interest on December 31 if the rate of interest was 6% on May 7, 6.3% effective August 1, and 6.9% 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 7 on a demand note providing for a variable rate of interest and payment of any accrued interest on December 31. He paid $600 on June 19, $100 on September 18, and $1100 on November 23. How much is the accrued interest on December 31 if the rate of interest was 6% on May 7, 6.3% effective August 1, and 6.9% 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.)
Chapter13: Long-term Liabilities
Section: Chapter Questions
Problem 1PA: On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10%...
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