Dirk Ward borrowed $14,000.00 for investment purposes on May 19 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 27, $150 on September 21, and $1000 on November 16. How much is the accrued interest on December 31 if the rate of interest was 8% on May 19, 8.4% effective August 1, and 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 $14,000.00 for investment purposes on May 19 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 27, $150 on September 21, and $1000 on November 16. How much is the accrued interest on December 31 if the rate of interest was 8% on May 19, 8.4% effective August 1, and 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.)
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:Dirk Ward borrowed $14,000.00 for investment purposes on May 19 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 27, $150 on September 21, and $1000 on November 16. How much is the accrued interest on December 31 if
the rate of interest was 8% on May 19, 8.4% effective August 1, and 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.)
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