Dirk Ward borrowed $12,000.00 for investment purposes on May 8 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 13, $200 on September 15, and $800 on November 14. How much is the accrued interest on December 31 if the rate of interest was 8% on May 8, 8.4% effective August 1, and 8.7% 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 decimal places as needed.)
Dirk Ward borrowed $12,000.00 for investment purposes on May 8 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 13, $200 on September 15, and $800 on November 14. How much is the accrued interest on December 31 if the rate of interest was 8% on May 8, 8.4% effective August 1, and 8.7% 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 decimal places as needed.)
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 1EB: Everglades Consultants takes out a loan in the amount of $375,000 on April 1. The terms of the loan...
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