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How much is the accrued interest on December

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Question - Dirk Ward borrowed $12,000.00 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 14, $200 on September 14, and $900 on November 17. How much is the accrued interest on December 31 if the rate of interest was 8% on May 6, 8.25% effective August 1, and 8.75% effective November 1?

Reference no: EM133129130

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