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Dirk Ward borrowed
$14,000.00
for investment purposes on May
27
on a demand note providing for a variable rate of interest and payment of any accrued interest on December 31. He paid
$700
on June
7,
$100
on September
11,
and
$400
on November
9.
How much is the accrued interest on December 31 if the rate of interest was
3%
on May
27,
3.25%
effective August 1, and
3.65%
effective November 1?
Answer & Explanation
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