Dirk Ward borrowed $14,000.00 for investment purposes on May 6 on a demand note providing for a variable rate of interest and payment of any accrued interest on December 31. He paid $800 on June 6, $100 on September 23, and $900 on November 26. How much is the accrued interest on December 31 if the rate of interest was 4% on May 6, 4.3% effective August 1, and 4.7% effective November 1 The accrued interest on December 31 is $

Dirk Ward borrowed $14,000.00 for investment purposes on May 6 on a demand note providing for a variable rate of interest and payment of any accrued interest on December 31. He paid $800 on June 6, $100 on September 23, and $900 on November 26. How much is the accrued interest on December 31 if the rate of interest was 4% on May 6, 4.3% effective August 1, and 4.7% effective November 1 The accrued interest on December 31 is $

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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