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Dirk Ward borrowed $14,000 for investment purposes on May 11 on a demand note providing for a variable rate of interest and payment of any

Dirk Ward borrowed $14,000 for investment purposes on May 11 on a demand note providing for a variable rate of interest and payment of any accrued interest on December 31. He paid $900 on June 18, $100 on September 6, and $800 on November 3. How much is the accrued interest on December 31 if the rate of interest was 7% on May 11, 7.4% effective August 1, and 7.7% effective November 1?

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