Dirk Ward borrowed$12,000.00for investment purposes on May8on a demand note providing for a variable rate of interest and payment of any accrued interest onDecember 31. He paid$600on June13,$200on September15.and$800on November14.How much is the accrued interest on December 31 if the rate of interest was8%on May8,8.4%effective August 1, and8.7%effective November 1?The accrued interest on December 31 is$(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimalplaces as needed.)

Accrued Interest - It is the amount of interest has been incurred over a specific period / date, on…

Answered: Dirk Ward borrowed $12,000.00 for…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Myerson borrowed $8,500 at 7% ordinary interest for 200 days. After 160 days, he made a partial payment of $5,000. What is the final amount due on the loan? $3,433.89 $3,630.56 $3,636.11 $3,793.72
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.)
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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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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James Co. borrowed $1,200 on a 90-day, 11% note. After 15 days, James paid $200 toward the note. James made an additional payment of $150, 40 days later. What is the final balance due and total interest for the U.S. Rule? Use ordinary interest.

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