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?