Question 10

1 hr left (no exp need)

Dirk Ward borrowed $14,000.00 for investment purposes on May 13 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 17, $100 on September 5, and $1100 on November 27. How much is the accrued interest on December 31 if the rate of interest was 5% on May 13, 5.35% effective August 1, and 5.95% 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.) Time Remaining: 01:54:26 Submit test Show work